Fiber-reinforced cementitious composites (FRCC) are one of the leading engineering materials in the 21st century, as they offer proficiency in enhancing strength, ductility, and durability in structural engineering applications. Because the recently developed basalt fiber pellets (BFP) offer combined strands of fibers encased in a polymer matrix, they are being prevalently studied to explore new possibilities when used in brittle materials such as mortar and concrete. Hence, this paper synthesizes the intensive research efforts and contributions to this novel class of fibers conducted by the authors. Specifically, it reviews the fresh, mechanical, and durability properties of FRCC incorporating single BFP or hybrid with polyvinyl alcohol fibers and modified with slag/fly ash and nano-materials and its suitability for different field applications. In addition, the nano- and meso-scale modeling of such matrices are described. BFP significantly contributes to improving post-cracking flexural behavior by toughening the cementitious matrix and minimizing strength losses when exposed to harsh environments. All results show promising progress in the development of high-performance FRCC comprising BFP, with potential success for structural and pavement applications.