Along with the advancement of human aerospace technology, there are increasingly high requirements on aerospace materials. Metallic glass (MG) has great potential to be applied to low earth orbit (LEO) due to its special structure of long-range disorder. This paper introduces the main factors leading to material failure in LEO, their generation mechanism and action mechanism, the types and characteristics of commonly used materials in aerospace field. The development history, characteristics and application prospect of MG are expounded. The structural stability and performance stability of MG under the adverse factors of atomic oxygen, thermal cycle and space irradiation are summarized respectively, and the feasibility of application of MG in LEO is evaluated. Finally, the future research direction of MG stability in LEO environment is prospected.