This review presents a detailed examination of how the aeromagnetic method has been utilized in the Ilesha region of Southwestern Nigeria, which holds considerable geological and economic importance within the Ife-Ilesha Schist Belt. This technique has proved vital for understanding subsurface complexities, especially in mineral exploration such as gold, structural analysis, estimating depths, assessing groundwater potential, and identifying geohazards. Research shows prominent NE-SW structural trends associated with the Pan-African Orogeny, which are critical for the movement of fluids and the formation of minerals. The progression of studies reflects a shift from qualitative analysis to integrated multi-geophysical and remote sensing methods, improving accuracy in mapping and resource identification. The findings underscore the success of methods such as Euler deconvolution and analytical signal in revealing hidden structures and estimating the depths of magnetic sources, which can differ considerably across studies. Despite improvements, there are still gaps in comprehensive petrophysical analysis, understanding the evolution of structures over time, quantitative evaluations of groundwater, and studies on the environmental effects of mining. Future investigations should emphasize integrated 3D modeling, advanced inversion techniques, machine learning implementations, and systematic comparisons of methodologies to enhance geological models and promote sustainable resource management. This review is designed to be a foundational resource for comprehending the aeromagnetic method's significance and implications in this geologically critical area.