Precision and performance synergistic processing (PPSP) is an important way to attain the high-lifetime and high-reliability demanded by aerospace engine key components. Undoubtedly, it is also one of the most challenging engineering problems in current manufacturing field, wherein Precision and Performance Synergy Finishing (PPSF), also known as “mass finishing”, is one of the most promising means to solve this problem. Based on this, PPSF technology and the current research status of the application of aero-space engine key parts are analyzed in this article, combining domestic and foreign literature. Firstly, an overview of the basic connotation and research process of PPSF technology is provided. Secondly, the research status of the basic theory of this technology is elaborated from the aspects of particle dynamics behavior, the influence of processing media, as well as material removal mechanisms, and models. And then, the current application status of this technology in improving the performance of aerospace engine key parts such as blades, blisks, casings, bearings, and gears is introduced from the aspects of PPSF effect, shot peening PPSF combination effect, as well as novel methods and processes. Finally, a summary and outlook on this technology are presented in order to provide reference and guidance for the further development of PPSF of aerospace engine key parts.