Lead and lead–bismuth eutectic heavy liquid metal coolants are under wide-ranging international investigation and development for advanced nuclear systems for energy production and waste transmutation (reactor-based or accelerator-driven). This report reviews the major supporting international R&D programs, the key advances in the main areas of coolant technology and materials, the state of technology, and the strategic directions for further development. Based on this review, we conservatively evaluate the technological readiness level (TRL) for programmatic and industrial applications in high-temperature advanced reactors to be 7, “one-dimensional engineering-scale demonstration”, or the first level in the proof-of-performance category. A 3-D engineering-scale integral test and demonstration facility should be the next step toward the realization of a test and demonstration nuclear system (reactor or accelerator-driven). The recent success of MEGAPIE, a 1MW class lead–bismuth eutectic spallation target operating at the Paul Scherrer Institute signals that for such applications of short to intermediate durations at moderate temperatures, the TRL is close to 9, meaning the technology is nearly ready for deployment.