Voids, the most studied type of manufacturing defects, form very often in processing of fiber-reinforced composites. Due to their considerable influence on physical and thermomechanical properties of composites, they have been extensively studied, with the focus on three research tracks: void formation, characteristics, and mechanical effects. Investigation of voids in composites started around half a century ago and is still an active research field in composites community. This is because of remaining unknowns and uncertainties about voids as well as difficulties in their suppression in modern manufacturing techniques like out-of-autoclave curing and parts with high complexity, further complicated by increased viscosity of modified resins. Finally, this is because of the increasing interest in realization of more accurate void rejection limits that would tolerate some voidage. The current study reviews the research on formation, characterization, and mechanical effects of voids, which has been conducted over the past five decades. Investigation and control of void formation, using experimental and modeling approaches, in liquid composite molding as well as in prepreg composite processing are surveyed. Techniques for void characterization with their advantages and disadvantages are described. Finally, the effect of voids on a broad range of mechanical properties, including inter-laminar shear, tensile, compressive, and flexural strength as well as fracture toughness and fatigue life, is appraised. Both experimental and simulation approaches and results, concerning voids' effects, are reviewed.