Abstract: As the key component of precision ultra-precision machine tools, the aerostatic spindle is characterized by high rotary accuracy, smooth operation, less vibration and noise than conventional bearings, and less temperature rise at high-speed rotation. However, it has poor stiffness and load-bearing capacity. Therefore, it is necessary to systematically summarize and analyze the existing important research results of aerostatic spindles. Reviewing the historical development and research results of aerostatic spindles, the primary research aims to improve the load capacity and stiffness, dynamic/static characteristics and stability of aerostatic spindles by improving the Reynolds equation and optimizing the structural parameters. At the same time, the microscale characteristics have also become a research hotspot, and the research results show that the microscale characteristics influence the load carrying capacity and stiffness of the spindle. The development history of aerostatic spindles, static/dynamic performance, and the factors that significantly affected the performance of aerostatic spindles, such as viscosity, velocity slip, and thinning effects in the microscale field was reviewed in this paper. Combined with existing numerical simulation methods, the measurement of spindle rotation accuracy and the state of spindle motion were analyzed. Finally, the research development trend of aerostatic spindles was forecasted.