Aluminum alloy is a preferred metal material for lightweight part manufacturing in aerospace, automobile, and weapon industries due to its good physical properties, such as low density, high specific strength, and good corrosion resistance. However, during forging processes, underfilling, folding, broken streamline, crack, coarse grain, and other macro- or microdefects are easily generated because of the deformation characteristics of aluminum alloys, including narrow forgeable temperature region, fast heat dissipation to dies, strong adhesion, high strain rate sensitivity, and large flow resistance. Thus, it is seriously restricted for the forged part to obtain precision shape and enhanced property. In this paper, progresses in precision forging technologies of aluminum alloy parts were reviewed. Several advanced precision forging technologies have been developed, including closed die forging, isothermal die forging, local loading forging, metal flow forging with relief cavity, auxiliary force or vibration loading, casting-forging hybrid forming, and stamping-forging hybrid forming. High-precision aluminum alloy parts can be realized by controlling the forging processes and parameters or combining precision forging technologies with other forming technologies. The development of these technologies is beneficial to promote the application of aluminum alloys in manufacturing of lightweight parts.