Air-breathing hypersonic vehicles operating in the near-space environment at speeds above Mach 5 encounter extreme aerothermal loads, combustion heat release, and structural deformation, driving a highly nonlinear fluid-thermal-structural interaction (FTSI) problem critical to flight safety and performance. This paper systematically reviews the state of the art in FTSI modeling and simulation, encompassing aerothermal/combustion heating prediction, high-temperature structural constitutive modeling, interface data transfer and dynamic mesh morphing, and partitioned coupling strategies alongside emerging data-driven acceleration techniques. Despite advances in loosely coupled assessment frameworks, accurate and efficient prediction of wall heat flux under complex flow conditions remains a persistent obstacle. Moreover, conventional linear thermoelasticity inadequately captures plastic ratcheting, creep, ablation, and fatigue damage under severe thermal shock, while rigorous conservation across non-matching interfaces and mesh robustness during large deformations continue to challenge numerical implementation. Although machine learning surrogates offer computational speed gains, their predictive reliability is constrained by sparse training data and weak physics embedding. Future progress demands development of vibration-coupled life-cycle assessment tools, a paradigm shift from static margin-based design to high-fidelity multi-physics virtual testing, and intelligent integration of FTSI solvers with digital twin systems. Such advances will enable real-time structural health monitoring and autonomous trajectory adaptation, substantially enhancing mission resilience and operational longevity of hypersonic platforms.