Lattice structures play a key role in influencing the mechanical and thermal properties of many applications. Knowing the importance of lattice structure and its influence on mechanical and thermal properties, this article discussed the triply periodic minimal surface-based gyroid shapes, their design, manufacturability, and difficulties while printing with the additive manufacturing process. This review also emphasizes the impact of changing the structure and additive manufacturing process parameters like porosity, wall thickness, unit cell size, infill, and gradient ratio on the mechanical and thermal properties of the printed parts. This study discussed the advantages and disadvantages of replacing conventional structures with bio-inspired gyroid structures and their effects on mechanical and thermal properties. This review also brought a comparative study between gyroid and other existing lattice structures in terms of mechanical and thermal properties and suggestions are been made to use gyroid shapes compared to existing lattice structures for improved thermal mechanical for different applications like biomedical, structural, and heat transfer fields. In this review article, a multitude of research areas could help the researcher to easily decide the appropriate application-based gyroid structure.