Suspension plasma spraying (SPS) and plasma spray-physical vapor deposition (PS-PVD) are the only thermal spray technologies shown to be capable of producing TBCs with columnar microstructures similar to the electron beam-physical vapor deposition (EB-PVD) process but at higher deposition rates and relatively lower costs. The objective of this study was to achieve fundamental understanding of the effect of different columnar microstructures produced by these two thermal spray processes on their insulation and lifetime performance and propose an optimized columnar microstructure. Characterization of TBCs in terms of microstructure, thermal conductivity, thermal cyclic fatigue lifetime and burner rig lifetime was performed. The results were compared with TBCs produced by the standard thermal spray technique, atmospheric plasma spraying (APS). Bondcoats deposited by the emerging high-velocity air fuel (HVAF) spraying were compared to the standard vacuum plasma-sprayed (VPS) bondcoats to investigate the influence of the bondcoat deposition process as well as topcoat-bondcoat interface topography. The results showed that the dense PS-PVD-processed TBC had the highest lifetime, although at an expense of the highest thermal conductivity. The reason for this behavior was attributed to the dense intracolumnar structure, wide intercolumnar gaps and high column density, thus improving the strain tolerance and fracture toughness.