Due to a favourable strength-to-density ratio, aluminium and its alloys are increasingly used in the automotive, aviation and space industries for the fabrication of skins and other structural elements. This article explores the opportunities for and limitations of using Single- and Two Point Incremental Sheet Forming techniques to form sheets from aluminium and its alloys. Incremental Sheet Forming (ISF) methods are designed to increase the efficiency of processing in low- and medium-batch production because (i) it does not require the production of a matrix and (ii) the forming time is much higher than in conventional methods of sheet metal forming. The tool in the form of a rotating mandrel gradually sinks into the sheet, thus leading to an increase in the degree of deformation of the material. This article provides an overview of the published results of research on the influence of the parameters of the ISF process (feed rate, tool rotational speed, step size), tool path strategy, friction conditions and process temperature on the formability and surface quality of the workpieces. This study summarises the latest development trends in experimental research on, and computer simulation using, the finite element method of ISF processes conducted in cold forming conditions and at elevated temperature. Possible directions for further research are also identified.