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Automobile industry is shifting towards lighter materials in order to meet the high strength to weight ratio as required for better performance, safety, and environmental concern. The objective of this review is to evaluate and compare the different advanced and light weight materials like advanced high strength steel (AHSS), Magnesium and Aluminium alloys, which will help in selection of appropriate materials for their intended application. In this paper comparison of materials on the basis of their current, applications, limitations, cost, potential future applications and percentage wise use in automotive vehicles are discussed. Solutions and suggestions are discussed to overcome the limitations of materials which will widen their future application. Case studies and charts for cost evaluation of different materials, on the basis of structural properties like stiffness and strength are also discussed.