Industrial wastes such as marble dust, fly ash, and red mud have progressed as an environmental hazard that needs to be disposed or utilized for minimizing the ecological pollution problems and manufacturing costs. Over the years, there is an increasing interest among researchers in utilizing these industrial wastes as reinforcement for developing economic and lightweight monolithic or hybrid composites. In the same context, this paper presents a comprehensive review on the aspects of tribology and thermal performance of industrial waste such as marble dust, fly ash, and red mud as reinforcement for different monolithic and hybrid composites. The review also describes different applications for industrial waste material reinforced composites. Finally, the paper concludes with authors’ perspective of the review, conclusion summary, and future potential of industrial waste filled composites in different industries for obtaining a sustainable and cleaner environment.