The iterative upgrading of advanced aero-engine technology has put forward higher requirements for the performance of thermal barrier coatings (TBCs). The traditional yttria-stabilized zirconia (YSZ) TBCs system can no longer meet the high-temperature and complex environmental service requirements of turbine blades. Rare earth zirconate materials have become the most promising candidate system for the next-generation TBCs of turbine blades due to their outstanding advantages such as excellent high-temperature phase stability, low thermal conductivity and good corrosion resistance. This paper systematically summarizes the research progress of rare earth zirconate TBCs prepared by electron beam physical vapor deposition (EB-PVD), comprehensively reviews their preparation characteristics, core properties and failure mechanism. It focuses on elaborating the key performance characteristics of rare earth zirconate materials, including phase structure, thermal conductivity, thermal expansion coefficient and resistance to calcium-magnesium-aluminosilicate (CMAS) corrosion, and deeply analyzes the characteristics of their multi-inducer coupled failure behavior. Finally, the technical development paths for segregation control of rare earth zirconate coatings, and the design of ultra-low thermal conductivity and high thermal expansion coatings are clarified, and the future research directions of their specific CMAS corrosion mechanism and multi-factor related failure behavior model are prospected.