In this review, traditional and novel techniques for producing micro- and nano- fibers are discussed and various nanofillers, their modifications and polypropylene (PP) functionalization routes are presented. Their influence on PP properties is discussed and new PP composite fiber applications are presented. This review reveals interesting conclusions, such as that in terms of mechanical reinforcement, there is no nano-filler that can improve tensile strength to the extent that it is improved by drawing. However, in some cases, composite drawn fibers are characterized by higher tensile strength than drawn neat PP. With some notable exceptions, the PP nanocomposites lack of “dramatic” properties improvement is mainly due to the non-polar nature of the hydrocarbon chain, which does not favor strong intermolecular interactions with most popular (mainly inorganic) nano-fillers. However, other properties such as electric conductivity, water contact angle and others can be effectively altered using various nanofillers in PP matrices.