This review offers a comprehensive analysis of thermal barrier coatings (TBCs) applied to metallic materials. By reviewing the recent literature, this paper reports on a collection of technical information, involving the structure and role of TBCs, various materials and coating processes, as well as the mechanisms involved in the durability and failure of TBCs. Although TBCs have been successfully utilized in advanced applications for nearly five decades, they continue to be a subject of keen interest and ongoing study in the world of materials science, with overviews of the field’s evolution remaining ever relevant. Thus, this paper outlines the current requirements of the main application areas of TBCs (aerospace, power generation and the automotive and naval industries) and the properties and resistance to thermal, mechanical and chemical stress of the different types of materials used, such as zirconates, niobates, tantalates or mullite. Additionally, recent approaches in the literature, such as high-entropy coatings and multilayer coatings, are presented and discussed. By analyzing the failure processes of TBCs, issues related to delamination, spallation, erosion and oxidation are revealed. Integrating TBCs with the latest generations of superalloys, as well as examining heat transfer mechanisms, could represent key areas for in-depth study.