Polyketone (POK), a new environment‐friendly engineering plastic produced from carbon monoxide (CO), can be used for various applications including packaging, fibers and technical items. Due to its exceptional balance of mechanical properties and high chemical resistance, POK holds great potential to be one of the most promising candidates for high‐performance and multifunctional polymer materials. The introduction of other polymer materials, reinforcing fibers or micro‐ and/or nanofillers into the POK matrix is a powerful method for obtaining new POK‐based materials with specific characteristics and satisfactory improvements in properties. This article summarizes and highlights the recent advances and efforts in research and development in the field of POK blends, POK composites and POK blend‐based composites. The applications of POK materials and outlook are also summarized and discussed. © 2018 Society of Chemical Industry