In recent years, there has been a significant increase in research studies that include the fabrication and characterization of metal matrix composites (MMCs) with unique features. This comprehensive review delves into the evolution and current status of copper MMCs (Cu‐MMCs) across various industrial sectors. Cu‐MMCs have garnered attention due to their remarkable properties, which include excellent thermal and electrical conductivity, corrosion resistance, and wear resistance. This study explores the fabrication processes, and intricate connections between microstructure and properties of Cu‐MMCs, which encompass ceramic and solid lubricants (SLs) reinforcements. The various types of reinforcement and fabrication methods are examined and highlighted advancements in designing compositions and optimizing microstructures during fabrication. Additionally, this study evaluates the friction and wear characteristics of self‐lubricating hybrid composites, providing insights into effective lubrication ranges and overall tribological behavior patterns. This review highlights that Cu‐MMCs demonstrate superior mechanical strength, wear resistance, and self‐lubricating properties due to ceramics and SLs reinforcements. The mechanisms underlying this behavior involve the formation of a protective transfer layer during sliding and effective lubrication provided by SLs, which reduces direct contact and facilitates smoother interactions between the mating surfaces. The review culminates in an outlook on the prospects of Cu‐MMCs, emphasizing the advantages conferred by their utilization.