A digital twin is a virtual counterpart of any physical system created by a computer. The aerospace industry is one of the vividly growing fields of this era. Along with all the possibilities, this field also comes with various risks, dangers, and uncertainties because of the usage of complex mechanisms. By appending the digital twin in the aerospace industry, we can overcome those dangers and uncertainties. As this is an ongoing field, researchers are eager to work in this arena. Furthermore, in the aerospace business, the digital twin can boost efficiency and company value. Even industrialists are also willing to get benefited from the digital twin. That is why this paper comes up with 31 research papers on digital twin models which are used in the aerospace industry in the design, manufacturing, regular monitoring, and management phases. This paper provides several findings along with possible recommendations.