Aluminum electrolytic capacitors are essential electronic components in circuit systems and are widely used in modern industry. The anode foil is the core component of aluminum electrolytic capacitors. The characteristics of the anode foil oxide film directly determine the performance level of the capacitor. Hydration and formation are critical processes for preparing anode foil oxide films, and there is no systematic review of these two processes. This paper analyzes the current status of domestic and international research on hydration and formation processes, introduces methods to control the process conditions to enhance the oxide film properties, and provides an outlook for future research.