Today, electronic components are gradually developing towards miniaturization and multi-function. During the use of electronic components, a large amount of heat will be generated, which seriously limits the performance and service life of electronic components. Therefore, the preparation of thermal management material (TMMs) with high thermal conductivity (λ) can effectively solve the problem of thermal accumulation in electronic components. Compared with the preparation of intrinsic thermal conductive polymer composite, the method of filling thermal conductive filler in polymer matrix can better improve the λ of polymer composite. This review discusses the heat conduction mechanism of polymer and the factors affecting λ of polymer composites, including the type of filler, the shape and distribution of filler, and the functional surface treatment of filler. Then, the different methods of preparing thermally conductive and electrically insulating polymer composites (TCEIPCs) are introduced in detail. The application of polymer composites in thermal management is also introduced.