High strength and high modulus polyimide (HSHMPI) fibers are a type of novel high-performance organic fiber with an initial modulus higher than 90 GPa and extremely high tensile strength over 2.5 GPa realizing broad applications in the fields of electronic, engineering, aerospace, and atomic energy industries. There are currently two synthetic pathways, i.e., one-step and two-step methods, developed for the manufacture of HSHMPI fibers. An integrated fabrication process involving wet-spinning followed by thermal imidization is accepted as a typical two-step synthetic route for industrialization of HSHMPI fibers. In this article, the classification, synthetic method and technology, molecular structure, morphology, microstructures, and properties of HSHMPI fibers are summarized extensively. The effects of molecular structure and synthetic technology on the microstructures and overall performance of HSHMPI fibers are discussed. In addition, the trend in development and the application prospect of HSHMPI fibers are analyzed accordingly.