Basalt fiber (BF) has a high mechanical strength, excellent temperature resistance, good chemical stability, low energy consumption, and an environmentally friendly production process. In addition, BF-reinforced polymers (BFRPs) have good corrosion resistance and designability; thus, they meet the application requirements of electrical equipment, such as new conductors, insulating pull rods, and composite cross-arms. However, there are still a series of technical issues in the mass production of BF, and the stability of the products needs to be further improved. Therefore, the research on the production, modification, and application of BF is necessary. This paper discusses the chemical composition and production technology of BF, describes the morphology and properties of BF, summarizes the interface problems and modification methods of composites, and finally, introduces the application prospects of BF in the field of electrical materials, which is expected to provide a reference for the application and promotion of BFRP in the future.