Since the extreme service conditions, the serious failure problems caused by wear and corrosion are often encountered in the service process for aeronautical components. Laser shock processing (LSP) is a novel surface-strengthening technology to modify microstructures and induce beneficial compressive residual stress on the near-surface layer of metallic materials, thereby enhancing mechanical performances. In this work, the fundamental mechanism of LSP was summarized in detail. Several typical cases of applying LSP treatment to improve aeronautical components’ wear and corrosion resistance were introduced. Since the stress effect generated by laser-induced plasma shock waves will lead to the gradient distribution of compressive residual stress, microhardness, and microstruture evolution. Due to the enhancement of microhardness and the introduction of beneficial compressive residual stress by LSP treatment, the wear resistance of aeronautical component materials is evidently improved. In addition, LSP can lead to grain refinement and crystal defect formation, which can increase the hot corrosion resistance of aeronautical component materials. This work will provide significant reference value and guiding significance for researchers to further explore the fundamental mechanism of LSP and the aspects of the aeronautical components’ wear and corrosion resistance extension.