Lightweight metals and metal alloys provide the opportunity to fulfill the exigent weight‐saving requirements for structural components. Mechanical surface treatments, in particular, shot peening and other varieties of impact‐based surface treatments are found to be able to significantly promote the structural application of lightweight metals through enhancing their mechanical performance. Moreover, these treatments have substantiated a notable prospect to modulate the surface–environment interaction of the treated material, bringing in original functionalities in multiple fields of application. Herein, the current state‐of‐the‐art in the implementation of shot peening‐based surface treatments is reviewed regarding lightweight metallic materials. The recent advancements are described focusing on the foremost characteristics of the major lightweight metals commonly used in aerospace, automotive, and biomedical sectors. Emergent applications and the existing challenges are highlighted. Lastly, future perspectives on tailoring the effects of shot peening‐based mechanical surface treatments to boost the appeal of lightweight metals as structural components are provided.