Additive manufacturing (AM) has garnered considerable interest in recent years for fabricating fiber‐reinforced composites due to its versatility, cost‐effectiveness, and ability to produce complex geometries. The review begins by elucidating the diverse types of fibers utilized, including carbon, glass, and aramid, along with various matrix materials such as thermoplastics and thermosets. It then delves into the crucial parameters affecting the mechanical and morphological properties of these composites, including fiber orientation, printing parameters, and so forth. Challenges such as interlayer adhesion, void formation, and anisotropy are identified, alongside strategies proposed in the literature to mitigate these issues, including modification of printing parameters, fiber treatment, and hybridization with other manufacturing techniques. Notable findings in the highlight how optimized fiber alignment enhances mechanical performance, improved layer deposition minimizes voids, and hybrid manufacturing methods strengthen interlayer adhesion. This comprehensive review provides valuable insights into the current state of the art, challenges, and future directions in the field of fiber‐reinforced composites manufactured via AM, offering a roadmap for researchers and practitioners to advance this promising technology. This article emphasizes the advancements in AM for fiber‐reinforced composites and identified gaps that require further research, particularly in achieving consistent structural integrity and minimizing anisotropy.