Recent manufacturing advancements have led to the fabrication of polymeric composites (PC) reinforced with fibers. However, to reduce the impact on the environment, efforts have been made to replace synthetic fibers (SF) by natural fibers (NF) in many applications. NF, e.g., as banana fibers (BF) possess higher cellulose content, a higher degree of polymerization of cellulose, and a lower microfibrillar angle (MFA), which are crucial factors for the mechanical properties (MP), namely tensile modulus (TM) and tensile strength (TS), and many other properties that make them suitable for the reinforcement of PC. This review paper presents an attempt to highlight some recent findings on the MP of PC reinforced with unmodified or modified BF (UBF, MBF), which were incorporated into unmodified or modified (synthetic (SPM) or a bio (BPM)) polymeric matrices (UPM, MPM). The experimental results from previous studies are presented in terms of the variation in the percentage of the MP and show that BF can improve the MP of PC. The results of such studies suggest the possibility to extend the application of PC reinforced with BF (PCBF) in a wide range, namely from automotive to biomedical fields. The meanings of all the acronyms are listed in the abbreviations section.