An Al–Zn–Mg–Cu alloy has high specific strength, good corrosion resistance, fracture toughness and fatigue resistance. It is one of the most important structural materials in the fields of aviation, aerospace, weapons and transportation; in particular, it plays a huge role in the field of aerospace. In order to optimize the strength, toughness and corrosion properties of an Al–Zn–Mg–Cu alloy, the focus of research on this alloy has always been on the alloying process. The effects of the main alloying elements, trace alloying elements and rare earth elements on the microstructure and properties of Al–Zn–Mg–Cu alloys are briefly introduced in this paper, and future research directions are proposed.