This study presents a comprehensive exploration of vertical take-off and landing (VTOL) aircraft within advanced air mobility (AAM), examining the crucial challenges of integrating these innovative technologies into transportation systems. AAM promises transformational social change by enhancing transportation energy efficiency, safety, and operational effectiveness. This research utilizes a methodical approach that juxtaposes a systematic review of patents with an extensive analysis of the academic literature to map the innovation landscape of VTOL technology. This dual analysis reveals a dynamic progression in VTOL advancements, highlighting significant strides in aerodynamic optimization, propulsion technology, and control systems. The novelty of this study lies in its dual-method approach, combining patent analysis with the academic literature to provide a holistic view of VTOL technological evolution. The patent analysis reveals that companies have been most productive on innovations relating to VTOL aircraft transition efficiency, control enhancement, and energy management. The literature review identifies key trends such as the rise in electric propulsion technologies and the integration of AI-driven control mechanisms. These results provide new engineering knowledge that can guide future VTOL development and policy formulation. The original contributions include a detailed mapping of VTOL innovation trends, identification of key technological advancements, and a predictive lens into future directions. These findings offer a valuable resource for aerospace engineers, policymakers, and urban planners. This study contributes a detailed assessment of both theoretical foundations and practical applications, fostering a holistic view of the challenges and innovations shaping the future of AAM. By connecting research and practical development, this study serves as a critical tool for strategic decision making and policy formulation towards advancing the integration of VTOL aircraft into sustainable urban transportation networks.