Over the last few years, there has been a growing interest in the study of lightweight composite materials. Due to their tailorable properties and unique characteristics (high strength, flexibility and stiffness), glass (GFs) and carbon (CFs) fibers are widely used in the production of advanced polymer matrix composites. Glass Fiber-Reinforced Polymer (GFRP) and Carbon Fiber-Reinforced Polymer (CFRP) composites have been developed by different fabrication methods and are extensively used for diverse engineering applications. A considerable amount of research papers have been published on GFRP and CFRP composites, but most of them focused on particular aspects. Therefore, in this review paper, a detailed classification of the existing types of GFs and CFs, highlighting their basic properties, is presented. Further, the oldest to the newest manufacturing techniques of GFRP and CFRP composites have been collected and described in detail. Furthermore, advantages, limitations and future trends of manufacturing methodologies are emphasized. The main properties (mechanical, vibrational, environmental, tribological and thermal) of GFRP and CFRP composites were summarized and documented with results from the literature. Finally, applications and future research directions of FRP composites are addressed. The database presented herein enables a comprehensive understanding of the GFRP and CFRP composites' behavior and it can serve as a basis for developing models for predicting their behavior.