Elastocaloric cooling is a novel refrigeration technology that has remarkable potential in solving of the problems related to current refrigerants and vapor compression refrigeration. This technology has the advantages of environmentally friendly, high efficiency, and energy saving. In addition, elastocaloric cooling ensures optimal costs and better cooling capacity and feasibility. However, the materials used to realize elastocaloric cooling suffer from problems such as large space requirement and low cycle life. Hence, realizing highly efficient and environment-friendly solid-state refrigeration remains a substantial challenge. This study summarizes the principles, types, and device designs related to these cooling materials. First, the basic mechanism and the methods used for the characterization of the elastocaloric effect are introduced. Second, the research progress and problems related to the use of NiTi-based, Cu-based, and Fe-based ferromagnetic shape memory alloys and elastic polymers to realize solid-state cooling are summarized. Finally, the elastocaloric refrigeration devices developed thus far are summarized and discussed herein.