This review presents a comprehensive study on composites with particular interest in various synthesis techniques, advanced characterizations, and wide industrial applications. The survey includes such time categories of composites as polymer matrix (PMCs), metal matrix (MMCs), ceramic matrix carbides (CMCs), and nanocomposites, and describes the mechanical behavior and the advantages of their structural performance. The paper focuses on the development of fundamental manufacturing processes such as hand lay-up, filament winding, and additive manufacturing. It also describes different techniques of characterization of the thermal, mechanical, and electrical properties of them. Interest in the use of nanocomposites is also increasing due to their high surface area and excellent performance, which could be suitable for high-temperature and light engineering applications. Moreover, this review highlights the industrial relevance of composites, which have been extensively utilized in aerospace, automobile, marine, and civil infrastructure applications. It also solves key recyclability and environmental sustainability challenges. Finally, the paper highlights transient progress in composites as a fundamental material of new generation high-performance technologies and identifies some research gaps, but possible ways for progress towards sustainable innovation.