Aerogel fiber has broad applications in thermal insulation, pollution adsorption, biomedicine, energy storage, and aerospace. However, the large-scale and continuous production of aerogel fibers remains a significant challenge. Wet spinning technology transforms the static sol–gel process into rapid dynamic gel fiber molding, and is the preferred spinning method for continuous molding and large-scale production of aerogel fibers. This review provides a systematic overview of the production process of wet-spun aerogel fibers and the obstacles it encounters in the forming and drying stages. It also discusses the progress of different spinning strategies in optimizing the structure and properties of aerogel fibers. Recent advances in the properties of aerogel fibers, such as thermal insulation, adsorption, and optical and electromagnetic shielding, which are affected by the structural characteristics of aerogel fibers, are presented. Finally, this review provides a brief conclusion and discusses the technical challenges and future directions for wet-spun aerogel fibers. This review is expected to offer fresh perspectives and innovative strategies for the continuous production of aerogel fibers, the development of high-performance and multifunctional aerogel fibers, and their diverse applications.