Fe-Ga is a promising magnetostrictive rare-earth free alloy with an attractive combination of useful properties. In this review, we consider this material through the lens of its potential use in magnetostrictive applications at elevated frequencies. The properties of the Fe-Ga alloy are compared with other popular magnetostrictive alloys. The two different approaches to reducing eddy current losses for such applications in the context of the Fe-Ga alloy, in particular, the fabrication of thin sheets and Fe-Ga/epoxy composites, are discussed. For the first time, the results of more than a decade of research aimed at developing each of these approaches are analyzed and summarized. The features of each approach, as well as the advantages and disadvantages, are outlined. In general, it has been shown that the Fe-Ga alloy is the most promising magnetostrictive material for use at elevated frequencies (up to 100 kHz) compared to analogs. However, for a wide practical application of the alloy, it is still necessary to solve several problems, which are described in this review.