Thermal barrier coatings (TBCs) offer the potential to significantly improve efficiencies of aero engines as well as stationary gas turbines for power generation. On internally cooled turbine parts, temperature gradients of the order of 100-150℃ can be achieved. TBCs, typically consisting of an yttrium stabilized zirconia top coat and a metallic bond coat deposited onto a superalloy substrate, are mainly used to extend lifetime. Further efficiency improvements require TBCs being an integral part of the component which requires reliable and predictable TBC performance. TBCs produced by electron beam physical vapor deposition (EbPVD) or plasma spray (PS) deposition are favored for high performance applications. The paper highlights critical R&D needs for advanced TBC systems with a special focus on reduced thermal conductivity and life prediction needs. To further enhance the efficiency of gas turbines, higher temperature and a longer lifetime of the coating are needed for the next generation of TBCs. This paper presents the development of new materials, new deposition technologies, and new concept for application as novel TBCs. This paper summarizes the basic properties of conventional thermal barrier coatings. Based on our own investigation, we reviewed the progress on materials and technologies of novel thermal barrier coatings. Except yttria stabilized zirconia, other materials such as lanthanum zirconate and rare earth oxides are also promising materials for thermal barrier coatings. Nanostructure thermal barrier coating is presented as a new concept. This paper also summarizes the technologies for depositing the thermal barrier coatings.