Carbon nanotubes (CNTs) are an economical and multi‐functional nanofiller that can further elevate the versatile performance of fiber‐reinforced polymer (FRP). The past two decades have seen significant progress in the design, fabrication, and characterization of CNTs modified FRPs (CNT‐FRPs). The introduction of CNTs has been proven to enhance the key mechanical properties of CNT‐FRPs and endow the composite with additional functional properties. In this review, the fabrication routes of CNT incorporation into FRPs are first discussed, and then the critical effects of CNTs on various mechanical properties of CNT‐FRPs are described. Next, as a complement to the experimental results, modeling studies on CNT‐FRPs are included to reveal the underlying structural effects, followed by a discussion on the reinforcement and toughening mechanisms of CNT‐FRPs. The intent of this review is to provide a comprehensive summary on CNT modified FRP composites, and to shed light on the future research and development of CNT modified composites.