Closed-cell aluminum foams have many excellent properties, such as low density, high specific strength, great energy absorption, good sound absorption, electromagnetic shielding, heat and flame insulation, etc. As a new kind of material, closed-cell aluminum foams have been used in lightweight structures, traffic collision protections, sound absorption walls, building decorations, and many other places. In this paper, the recent progress of closed-cell aluminum foams, on fabrication techniques, including the melt foaming method, gas injection foaming method, and powder metallurgy foaming method, and on processing techniques, including powder metallurgy foaming process, two-step foaming process, cast foaming process, gas injection foaming process, mold pressing process, and integral foaming process, are summarized. Properties and applications of closed-cell aluminum foams are discussed based on the mechanical properties and physical properties separately. Special focuses are made on the newly developed cast-forming process for complex 3D parts and the improvement of mechanical properties by the development of small pore size foam fabrication and modification of cell wall microstructures.