Composites have been found to be the most promising and discerning material available in this Era. Composites reinforced with fibers of synthetic or natural materials are gaining more importance as demands for lightweight materials with high strength for specific applications are growing in the building structures. Fiber-reinforced polymer composite offers not only high strength to weight ratio, but also reveals exceptional properties such as high durability; stiffness; damping property; flexural strength; and resistance to corrosion, wear, impact, and fire. These wide ranges of diverse features have led composite materials to find applications in mechanical, construction mainly. Performance of composite materials predominantly depends on their constituent elements and manufacturing techniques, therefore, functional properties of various fibers available worldwide, their classifications, and the manufacturing techniques used to fabricate the composite materials need to be studied in order to figure out the optimized characteristic of the material for the desired application. An overview of a diverse range of fibers, their properties, functionality, classification, and various fiber composite manufacturing techniques is presented to discover the optimized fiber-reinforced composite material for significant applications. Their exceptional performance in the numerous fields of applications have made fiber-reinforced composite materials a promising alternative over solitary metals or alloys.