Aerogel, known as one of the remarkable materials in the 21st century, possesses exceptional characteristics such as high specific surface area, porosity, and elasticity, making it suitable for a diverse range of applications. In recent years, MXene-based aerogels and MXene composite aerogels as functional materials have solved some limitations of traditional aerogels, such as improving the electrical conductivity of biomass and silicon aerogels, further improving the energy storage capacity of carbon aerogels, enhancing polymer-based aerogels, etc. Consequently, extensive research efforts have been dedicated to investigating MXene-based aerogels, positioning them at the forefront of material science studies. This paper provides a comprehensive review of recent advancements in the preparation, properties, and applications of MXene-based composite aerogels. The primary construction strategies employed (including direct synthesis from MXene dispersions and incorporation of MXene within existing substrates) for fabricating MXene-based aerogels are summarized. Furthermore, the desirable properties (including their applications in electrochemistry, electromagnetic shielding, sensing, and adsorption) of MXene composite aerogels are highlighted. This paper delves into a detailed discussion on the fundamental properties of composite aerogel systems, elucidating the intricate structure–property relationships. Finally, an outlook is provided on the opportunities and challenges for the mass production and functional applications of MXene composite aerogels in the field of material engineering.