The applications of carbon fiber reinforced plastic materials have increased widely in the fields of aerospace, automotive, maritime, and sports equipment because of their excellent mechanical properties. Machining of carbon fiber reinforced plastics has a considerably more complex effect on drilling qualities than machining of conventional metals and their alloys due to the nonlinear, inhomogeneous, and abrasive nature of CFRPs. This article addresses the methodologies that have been adopted to minimize the material damages in drilling of polymeric composite materials. Key papers are reviewed with respect to tool types, materials, geometry and coatings, back-up plate, coolants, environment, unconventional machining, and high-speed drilling methodologies, which influence the hole qualities of delamination, burr, surface roughness, cylindricity, diameter error, and thermal damage with the effect of cutting variables (spindle speed and feed rate). In addition, some deburring strategies are also reviewed and discussed.