The additive manufacturing (AM) technology can manufacture complex parts with considerable improvements in lead times and lower material wastages. It has enabled technological advances across many domains, from space to medical devices. The polymer composites fabricated through AM have tremendous advantages over conventional polymers in terms of mechanical performance and are, therefore, better suited for producing functional parts and assemblies. However, AM of polymer composites still presents several technological obstacles that prevent their full commercial utilization. These challenges include limited combinations of matrix and reinforcements, a requirement for hardware modification of existing machines, and challenges in mechanical characterization. This article attempts to comprehensively review the fundamentals and features of contemporary additively manufactured polymer composites (AMPCs) and examines current cutting‐edge research and development. This review highlights the gaps in the mechanical characterization of polymer composites fabricated through various technologies like material extrusion, vat‐photopolymerization, binder jetting, material jetting, powder bed fusion, and sheet lamination. There is a need to fill the identified research gaps to make AMPCs more appealing for widespread industrial use for advanced applications.