In this contribution, heterogeneous micropolar elastic fiber‐reinforced composites (FRCs) with a periodic structure are analyzed using the two‐scale asymptotic homogenization method (AHM). We focus on predicting the antiplane effective properties of micropolar two‐phase FRCs with parallelogram‐like unit cells. The periodic structure is defined by unidirectional, infinitely long, and concentric cylindrical fibers embedded in a homogeneous matrix. Constituent materials are assumed centro‐symmetric isotropic materials, and perfect interface conditions are considered. The AHM allows us to address the local problems on the periodic cell and determine the corresponding effective properties. This is achieved by employing two‐scale asymptotic expansions for the displacement and microrotation fields, which depend on both macro‐ and micro‐scales. The complex variable theory, combined with the complex‐potential method and doubly periodic Weierstrass elliptic functions, is applied to determine the solution of the antiplane local problems. Simple closed‐form formulas are provided for the antiplane stiffness and torque effective properties of two‐phase micropolar elastic FRCs, which depend on the physical properties and volume fractions of constituents. Finally, numerical examples are reported and discussed. Comparisons with other theoretical models are also presented, and good agreements are obtained.