Liquid metal (LM) materials, including pure gallium (Ga) LM, eutectic alloys and their composites with organic polymers and inorganic nanoparticles, are cutting-edge functional materials owing to their outstanding electrical conductivity, thermal conductivity, extraordinary mechanical compliance, deformability and excellent biocompatibility. The unique properties of LM-based materials at room temperatures can overcome the drawbacks of the conventional electronic devices, particularly high thermal, electrical conductivities and their fluidic property, which would open tremendous opportunities for the fundamental research and practical applications of stretchable and wearable electronic devices. Therefore, research interest has been increasingly devoted to the fabrication methodologies of LM nanoparticles and their functional composites. In this review, we intend to present an overview of the state-of-art protocols for the synthesis of Ga-based materials, to introduce their potential applications in the fields ranging from wearable electronics, energy storage batteries and energy harvesting devices to bio-applications, and to discuss challenges and opportunities in future studies.