Pursuing high strength and high modulus polymer fibers and novel electrooptical properties have motivated much research activity in rigid‐rod polymers in the past 40 years. In this review, we examine the synthesis, structures, and properties of rigid‐rod polymers with emphasis on polybenzobisoxazoles (PBO), polybenzobisthiazoles (PBZT) and polybenzimidazoles (PBI), beginning with their solution properties, especially lyotropic liquid crystallinity. High performance fibers spun from lyotropic liquid crystalline polyphosphoric acid (PPA) solution are described. The characterization of fiber properties including mechanical, thermal, electrical, and optical properties is summarized. PBO (Zylon) and PIPD (M5) fibers were successfully commercialized in high strength applications such as body armor, ropes, cables, and recreational equipment in the last 10 years, and we discuss the possible causes of rapid degradation of some PBO fibers. The concepts of molecular composites and nanocomposites provide new applications in antiballistic materials, fire protection, athletic equipment, cables, strings, ropes, cordage, sails, multilayer circuits, and catalyst supports. Recently, rigid‐rod polymer films have drawn attention in the electrooptical fields, especially for phosphoric acid (PA)‐doped PBI membranes (Celtec MEAs) in the applications of high temperature fuel cells. Computer simulation has been employed as a powerful tool to predict the properties of the rigid‐rod polymers.