Fe-Ga alloy is a novel material with high magnetostriction, good mechanical properties, and wide application prospects. At present, few reviews systematically summarize the improvement and application of magnetostrictive properties of Fe-Ga alloys. Combined with the latest research progress, this paper reviews Fe-Ga alloys and their magnetostrictive properties and expounds on the methods to improve the magnetostrictive properties of Fe-Ga alloys from three aspects: component design, preparation methods, and heat treatment. For example, doping Dy, Ce, Pr, and C elements, improving the heat treatment process such as introducing an H2S atmosphere and strong magnetic field, and improving the preparation methods such as directional solidification and rapid laser solidification technology. The magnetostrictive properties of Fe-Ga alloys have a wide application in the field sensors, transducers, flexible electronic devices, vibrators, actuators, and so on. This paper provides new ideas for improving the magnetostrictive properties of Fe-Ga alloy and promoting its wide application.