Non-destructive testing (NDT) is a broad group of testing and analysis techniques used in science and industry to evaluate the properties of a material, structure, or system for characteristic defects and discontinuities without causing damage. Recently, infrared thermography is one of the most promising technologies as it can inspect a large area quickly using a non-contact and non-destructive method. Moreover, thermography testing has proved to be a valuable approach for non-destructive testing and evaluation of structural stability of materials. Pulsed thermography is one of the active thermography technologies that utilizes external energy heating. However, due to the non-uniform heating, lateral heat diffusion, environmental noise, and limited parameters of the thermal imaging system, there are some difficulties in detecting and characterizing defects. In order to improve this limitation, various signal processing techniques have been developed through many previous studies. This review presents the latest advances and exhaustive summary of representative signal processing techniques used in pulsed thermography according to physical principles and thermal excitation sources. First, the basic concept of infrared thermography non-destructive testing is introduced. Next, the principle of conventional pulsed thermography and signal processing technologies for non-destructive testing are reviewed. Then, we review advances and recent advances in each signal processing. Finally, the latest research trends are reviewed.