With the advancement of semiconductor technology, chip cooling has become a major obstacle to enhancing the capabilities of power electronic systems. Traditional electronic packaging materials are no longer able to meet the heat dissipation requirements of high-performance chips. High thermal conductivity (TC), low coefficient of thermal expansion (CTE), good mechanical properties, and a rich foundation in microfabrication techniques are the fundamental requirements for the next generation of electronic packaging materials. Currently, metal matrix composites (MMCs) composed of high TC matrix metals and reinforcing phase materials have become the mainstream direction for the development and application of high-performance packaging materials. Silicon carbide (SiC) is the optimal choice for the reinforcing phase due to its high TC, low CTE, and high hardness. This paper reviews the research status of SiC-reinforced aluminum (Al) and copper (Cu) electronic packaging materials, along with the factors influencing their thermo-mechanical properties and improvement measures. Finally, the current research status and limitations of conventional manufacturing methods for SiC-reinforced MMCs are summarized, and an outlook on the future development trends of electronic packaging materials is provided.