This work is a comprehensive literature overview in the area of probabilistic methods related to composite materials with components exhibiting hyper-elastic constitutive behavior. A practical area of potential applications is seen to be rubber, rubber-like, or even rubber-based heterogeneous media, which have a huge importance in civil, mechanical, environmental, and aerospace engineering. The overview proposed and related discussion starts with some general introductory remarks and a general overview of the theories and methods of hyper-elastic material with a special emphasis on the recent progress. Further, a detailed review of the current trends in probabilistic methods is provided, which is followed by a literature perspective on the theoretical, experimental, and numerical treatments of interphase composites. The most important part of this work is a discussion of the up-to-date methods and works that used the homogenization method and effective medium analysis. There is a specific focus on random composites with and without any interface defects, but the approaches recalled here may also serve as well in sensitivity analysis and optimization studies. This discussion may be especially helpful in all engineering analyses and models related to the reliability of elastomers, whose applicability range, which includes energy absorbers, automotive details, sportswear, and the elements of water supply networks, is still increasing, as well as areas where a stochastic response is the basis of some limit functions that are fundamental for such composites in structural health monitoring.