Synthesis, structure, and properties of rigid‐rod polymers with special emphasis on poly(p‐phenylene benzobisoxazole) (PBO) and poly(p‐phenylene benzobisthiazole) (PBZT) have been reviewed. Recent studies on chemical modifications and molecular simulations have also been given. After nearly 20 years of research and development, PBO fiber was commercialized in the late 1990s. However, due to processing difficulties, the concept of the so called molecular composites has not been successful. Development of the high compressive strength M5 and dihydroxy‐PBI fibers clearly suggest that there is potential for further developing properties of this class of materials. Opto‐electronic properties have also been reviewed.Synthesis of PBZT.magnified imageSynthesis of PBZT.