With the development of electronic appliances and electronic equipment towards miniaturization, lightweight and high-power density, the heat generated and accumulated by devices during high-speed operation seriously reduces the working efficiency and service life of the equipment. The key to solving this problem is to develop high-performance thermal management materials and improve the heat dissipation efficiency of the equipment. This paper mainly summarizes the research progress of polymer composites with high thermal conductivity and electrical insulation, including the thermal conductivity mechanism of composites, the factors affecting the thermal conductivity of composites, and the research status of thermally conductive and electrical insulation polymer composites in recent years. Finally, we look forward to the research focus and urgent problems that should be addressed of high-performance thermal conductive composites, which will provide strategies for further development and application of advanced thermal and electrical insulation composites.