The increased demand for high performance gas turbine engines has resulted in a continuous search for new base materials and coatings. With the significant developments in nickel-based superalloys, the quest for developments related to thermal barrier coating (TBC) systems is increasing rapidly and is considered a key area of research. Of key importance are the processing routes that can provide the required coating properties when applied on engine components with complex shapes, such as turbine vanes, blades, etc. Despite significant research and development in the coating systems, the scope of electrodeposition as a potential alternative to the conventional methods of producing bond coats has only been realised to a limited extent. Additionally, their effectiveness in prolonging the alloys’ lifetime is not well understood. This review summarises the work on electrodeposition as a coating development method for application in high temperature alloys for gas turbine engines and discusses the progress in the coatings that combine electrodeposition and other processes to achieve desired bond coats. The overall aim of this review is to emphasise the role of electrodeposition as a potential cost-effective alternative to produce bond coats. Besides, the developments in the electrodeposition of aluminium from ionic liquids for potential applications in gas turbines and the nuclear sector, as well as cost considerations and future challenges, are reviewed with the crucial raw materials’ current and future savings scenarios in mind.