Weight reduction is a major trend in the development of automotive, marine, and aerospace industry. Al alloys are the ideal choice for the lightweight design because of their superior mechanical properties and small mass density. In recent years, research results have demonstrated that plastic processing at cryogenic temperature can improve the mechanical properties of Al alloys. Herein, the mechanical properties of Al alloys at cryogenic environment as well as at room temperature are compared, and then the main progress is introduced in the development of fabrication of high-performance Al alloys using cryo-forming methods, such as cryorolling, asymmetric cryorolling, cryo-extrusion, and cryo-forging, with subsequent heat treatment. The grain refinement mechanism and the strengthening mechanism of Al alloys during various cryo-forming processes are discussed. Finally, the potential development prospects of future researches in this field are proposed.