There have been numerous attempts to achieve superplasticity in light alloy materials for improving the formability and manufacture efficiency of them. However, the superplasticity of light alloy is difficult to realize for the uniform fine equiaxed grains, which are generally required by superplasticity, tend to rapidly grow during high temperature deformation. That means the superplasticity of light alloys not only requires an equiaxed fine-grained structure, but also needs to ensure the high-temperature structural stability. Thus, adding a second phase or alloying elements become one of the current research hotspots on superplasticity of light alloy materials. Currently, the main strategies for improving stability of the fine-grained structure of superplastic light alloy materials can be summarized as: introduction of second-phase particles pinning grain boundaries, phase structure of dual-phase alloys to inhibit growth between each other and reinforcement of composite materials inhibiting grain growth as well as utilizing solute segregation of single-phase alloys. This paper summarizes the research status of superplastic microstructure stability of light alloys including second-phase-containing alloys, duplex alloys, metal matrix composites and single-phase alloys. Finally, the paper proposes the development trend of superplastic light alloy materials from the perspective of industrial applications and cost-reduction requirements. Increasing the variety of alloying element, decreasing the content of alloying element, simplifying the process of manufacture and achieving low temperature superplasticity and high strain-rate superplasticity will be the development trend of superplastic light alloy materials.