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Composite materials are a combination of two or more types of materials used to enhance the mechanical and structural properties of engineering products. When fibers are mixed in the polymeric matrix, the composite material is known as fiber-reinforced polymer (FRP). FRP materials are widely used in structural applications related to defense, automotive, aerospace, and sports-based industries. These materials are used in producing lightweight components with high tensile strength and rigidity. The fiber component in fiber-reinforced polymers provides the desired strength-to-weight ratio; however, the polymer portion costs less, and the process of making the matrix is quite straightforward. There is a high demand in industrial sectors, such as defense and military, aerospace, automotive, biomedical and sports, to manufacture these fiber-reinforced polymers using 3D printing and additive manufacturing technologies. FRP composites are used in diversified applications such as military vehicles, shelters, war fighting safety equipment, fighter aircrafts, naval ships, and submarine structures. Techniques to fabricate composite materials, degrade the weight-to-strength ratio and the tensile strength of the components, and they can play a critical role towards the service life of the components. Fused deposition modeling (FDM) is a technique for 3D printing that allows layered fabrication of parts using thermoplastic composites. Complex shape and geometry with enhanced mechanical properties can be obtained using this technique. This paper highlights the limitations in the development of FRPs and challenges associated with their mechanical properties. The future prospects of carbon fiber (CF) and polymeric matrixes are also mentioned in this study. The study also highlights different areas requiring further investigation in FDM-assisted 3D printing. The available literature on FRP composites is focused only on describing the properties of the product and the potential applications for it. It has been observed that scientific knowledge has gaps when it comes to predicting the performance of FRP composite parts fabricated under 3D printing (FDM) techniques. The mechanical properties of 3D-printed FRPs were studied so that a correlation between the 3D printing method could be established. This review paper will be helpful for researchers, scientists, manufacturers, etc., working in the area of FDM-assisted 3D printing of FRPs.