Recently, high-entropy (HE) materials have attracted increasing interest in various fields due to their unique characteristics. Rare earth (RE) elements have a similar atomic radius and gradually occupied 4f orbitals, endowing them with abundant optical, electric, and magnetic properties. Furthermore, HE-RE materials exhibit good structural and thermal stability and various functional properties, emerging as an important class of HE materials, which are on the verge of rapid development. However, a comprehensive review focusing on the introduction and in-depth understanding of HE-RE materials has not been reported to date. Thus, this review endeavors to provide a comprehensive summary of the development and research status of HE-RE materials, including alloys and ceramics, ranging from their structure, synthesis, and properties to applications. In addition, some distinctive issues of HR-RE materials related to the special electronic structure of RE are also discussed. Finally, we put forward the current challenges and future development directions of HE-RE materials. We hope that this review will provide inspiration for new design ideas and valuable references in this emerging field in the future.