Aerostatic bearings are lubricated by the external high-pressured air. Their kinematic accuracy can be submicron or even nanometer. So, they are preferred for ultra-precision moving components. Researchers have studied the aerostatic bearings detailly including the basic theory and application. Moreover, a lot of achievements have been obtained. So, it is necessary to systematically review the studies about the aerostatic bearings. In this paper, the restricted method is reviewed to present the modeling method. Then, the mechanism study and performance optimization are discussed. Moreover, the broadly applications including the ultra-precision machining, semiconductor equipment, ultra-precision detection, micro low gravity simulation, et al. are summarized. Finally, the development tendency of the aerostatic bearings is predicted and forecasted.