Whipping cream (WC) is an oil-in-water (O/W) emulsion used in food industry that can be transformed into aerated foam. The cream market has expanded significantly, driven by consumer demands for healthier and higher-quality products, leading to significant scientific research and innovation. This review focuses on formulation challenges related to ingredients such as fats, emulsifiers, and stabilizers, and how these components interact to form a stable emulsion and foam structure. Many studies have aimed to enhance the physicochemical, functional, and nutritional characteristics of WC by fine-tuning formulation parameters. A major focus was to address the health concerns linked to the high saturated fat content in milk fat (MF) by developing healthier alternatives. These include modifying the fat content, developing low-fat formulations, and introducing plant-based substitutes for dairy creams. The participation of additives to improve the properties of whipping cream was also investigated in many recent studies. The use of plant proteins, hydrocolloids, and emulsifiers has been explored, highlighting their effectiveness in enhancing emulsifying and foaming properties. This review summarizes recent advancements in whipping cream formulation, emphasizing the role of additives and alternative ingredients in meeting consumer preferences for healthier, more sustainable whipping cream products with enhanced functional, sensory, and nutritional properties.