In line with the ongoing advancement of high-performance materials that are multifunctional and environmentally friendly, this paper provides an overview of recent developments in lightweight and ultra-lightweight multifunctional materials. We primarily examine the various types of low-density multifunctional materials, their production techniques, and their applications within the context of a sustainable future. From a structural point of view, ultra-light materials are classified into three main groups: aerogels, foam, and micro/ nanolattice. In terms of composition, they can be derived from ceramic, metallic, or polymeric materials. This overview pays particular attention to silica, carbon and composite aerogels, as well as metal, ceramic (carbon), and polymer foams.