Functionally graded materials (FGMs) consider a new type of heterogeneous composites that are defined by a continuous change of properties along at least one direction. Their properties lead to fulfillment requirements of applications due to development of the industry such as aerospace, automotive, machinery, and biomaterials. Metal matrix composites (MMCs) with a continuous change in reinforcement volume in one matrix alloy direction are functionally graded metallic alloys (FGMAs). Recent developments in FGMAs casting technology, including processing processes, potential applications, and mechanical characteristics, are discussed. Several casting processes, including centrifugal casting, squeeze casting combined with stir casting, sequential casting method (liquid-liquid casting), cast-decant-cast, and compound casting (liquid-solid casting), can be used to make various engineering components for FGMAs, such as pipes, shafts, gears, bushings, hammers, and rolls. Future trends and recommendations for future FGMAs manufacturing with improved characteristics, cost-effectiveness, and mass production are offered based on the scope of this research.