In recent years, hybrid additive and subtractive manufacturing has made its way as a new approach to manufacturing complex parts, with high added value and high requirements, imposed by the leading sectors of the industry, among which the aeronautical industry stands out. This still novel concept combines the additive manufacturing ability to generate parts with complex geometry and the great dimensional, geometric, and surface quality that allows the already mature subtractive manufacturing, and it does so by surpassing the concept of post-processing machining. Thus, the integration of both forms of manufacturing from the design phase of the parts to the final finish seeks to obtain results superior to those of traditional manufacturing methods, paying special attention to reducing waste and saving materials, something of special importance in the case of superalloys used in the aeronautical industry. This work reviews the scientific literature published in recent years and studies the development, current presence and projection of hybrid additive and subtractive manufacturing in the aeronautical industry. The processes used, the specific applications, the manufactured parts and the materials used, as well as the advantages and disadvantages compared to other manufacturing processes and the lines of the future both in industry and in the field of research, are addressed.