Abstract: This paper reviews the co-evolutionary history of aerodynamics and aviation technology since the early 20th century, with a focus on the pivotal role aerodynamics has played in advancing modern aviation from the late 20th century to the present. It provides an in-depth analysis of key developments: third-generation highly maneuverable fighters enabled by the active exploitation of high-angle-of-attack vortex lift; fourth-generation fighters characterized by the deep integration of stealth technology and multidisciplinary coupled design; and cutting-edge aerodynamic challenges in current hypersonic vehicle development. Building on this foundation, the paper further outlines emerging trends and new aerodynamic challenges in 21st-century aviation across five dimensions: aerospace integration, intelligent systems, miniaturization and unmanned platforms, advanced stealth, and sustainable/green aviation.