Strategic key minerals are related to the sustainable development of the society and play strategic roles in key industrial fields. This article reviewed the definition and selection of strategic and critical minerals, their supply risk assessment, and early warning research, and supply security system optimization and related policies. The main conclusions are as followed. (1) Strategic key minerals are raw materials that meet the needs of national defense and military systems, and for achieving the stable development of strategic key industries. There is a need to define strategic key minerals dynamically based on national development. (2) The supply risks of strategic key minerals have stronger ambiguity and uncertainty, and the supply risk evaluation models of strategic key minerals face many challenges. (3) Optimizing global resource allocation and improving the global governance system are important directions for optimizing supply security system of strategic key minerals and for policy choices. Future research on the supply security of strategic key minerals could be deepened from multidisciplinary research on the formation mechanism of supply security and the identification of supply risk factors by global supply chain tracking and big data-driven methods, and optimizing the policy system from the perspective of integrating external shock factors and internal industrial factors.