Abstract: Electrical materials are the foundation of electrical equipment, and their characteristics directly determine the limitations of electromagnetic parameters for electrical equipment. Therefore, in-depth investigations are performed on the strategy research value, state-of-the-art theories and R&D trends of advanced electrical materials, including conductive materials, insulating materials, semiconductor materials, magnetic materials, and energy storage materials. In addition, the key scientific problems are summarily presented, and the future development strategies for advanced electrical materials are proposed, which provide theoretical guidance and technical supports for the development of future electrical equipment with the ability to challenge more stringent limits of electromagnetic parameters, and to meet the purpose of exploring unknown phenomena and discovering novel natural laws.