As one of the “miracle materials” in the 21st century, aerogels with ultra-low weight and remarkable mechanical performance have emerged and shown incredible immunity to harsh working environments, attracting substantial research interests across a wide range of areas. Recently, exploitation of MXene nanosheets into aerogels represents a new research focus in the field of materials science, on account of their unique structures and outstanding properties. In this review, the aim is to provide a timely and insightful overview for the recent advances in the fabrication, performance, and application of MXene-based aerogels. The main strategies for constructing MXene-based aerogels, directly from MXene-dispersion or in the presence of other functional components, are summarized. Furthermore, the desirable performance of MXene-based aerogels and their related applications in the areas including electromagnetic management, sensors, solar steam generators, and energy storage are highlighted. A thorough investigation and comparison of their mechanical, electrical, sensing, and other properties are performed to understand the structure-property relationships. At last, this study is concluded with summary and outlook section on the future development as well as challenges that remained, thus bringing new research opportunities for the material engineering and functional application of MXene-based aerogels.