For several decades, forming blend and composite of polyaniline (PANI) with insulating polymers has been a widely studied research area because of the potential applications of such blends, which have a unique combination of mechanical properties, the processability of conventional polymers and the electrical property of conducting polymers. The current review paper will emphasize PANI composites or blends with thermosetting polymer matrices. The enhanced electro-mechanical properties of the blends and composites depend on the uniform dispersion of the PANI particle in polymer matrix. Therefore, considerable studies have focused on improving the distribution of PANI particles within the thermoset matrices. In this review paper, all the parameters and conditions that influence the surface morphology and application of PANI thermoset blends and composites will be described systematically. Recent progress on PANI based thermoset system with multifunctional ternary composites research will be highlighted in this paper. Furthermore, encouraging applications of different PANI thermoset composites and blends are discussed, such as flame-retardant materials, lightning damage suppression, metal ion removal, anticorrosive coating, electromagnetic shielding, conductive adhesives, and sensing materials.