As one of the most successful modified phenolic resins, boron-modified phenolic resin (BPF) has excellent heat resistance and ablative resistance, good mechanical and wear resistance, and flame retardancy. BPF and its composites can be widely used in areas such as aerospace, weapons and equipment, automobile brakes, and fire retardants. In this review, the current state of development of BPF and its composites is presented and discussed. After introducing various methods to synthesize BPF, functionalization of BPF is briefly summarized. Particular emphasis is placed on general methods used to fabricate BPF-based composites and the heat resistance, ablative resistance, mechanical property, wear resistance, flame retardancy, and water resistance of BPF-based composites. Finally, the challenges of this research area are summarized and its future outlook is prospected.