A variety of fiber-reinforced polymer (FRP) has been described in literature, with a considerable subset of studies focused on fiber surface treatment (sizing), performance enhancement of matrix and fibers both synthetic and natural, and development of more ecologically sustainable composites. The present review discusses the different types of fibers and matrices and their applications, depending on the chemical and mechanical properties of their composites. In order to evaluate the performance of FRP composites and explore the characteristics of the involved materials, some analytical techniques are considered paramount, such as thermal analysis, microscopy, Fourier transform-infrared spectroscopy (FT-IR), and others. On this basis, this review addresses the state-of-the-art of material characterization methodologies, provides a comprehensive overview of different types of FRP found in literature, as well as links the analytical techniques with the main applications contributing to future studies and research in this area.