Metal matrix composites with multiscale hierarchical structure and laminated structure have been developed to provide a novel route to achieve high strength, toughness and ductility. In this chapter, a lot of scientific research has been carried out in the preparation, processing, properties and application of metal matrix composite. Many toughening mechanisms and fracture behavior of composites with multiscale hierarchical structure and laminated structure are overviewed. It is revealed that elastic property and yield strength of laminated composites follow the "rule of average." However, the estimation of fracture elongation and fracture toughness is complex, which is inconsistent with the "rule of average." The fracture elongation of laminated composites is related to the layer thickness size, interface, gradient structure, strain hardening exponent, strain rate parameter and tunnel crack, which are accompanied with crack deflection, crack blunting, crack bridging, stress redistribution, local stress deformation, interfacial delamination crack and so on. The concept of laminated composites can be extended by applying different combination of individual layer, and provides theoretical as well as experimental fundamentals on strengthening and toughening of metal matrix composites.