<p>High-frequency and high-speed printed circuit boards (HFHSPCBs) exhibit remarkable signal transmission performance and are vital for the future advancement of AI and 5G/6G communication technologies. To satisfy the growing computational demands of AI and the high-speed transmission requirements of 5G/6G signals, HFHSPCBs are being designed with more layers, increasing thickness. The pursuit of high integration density and superior thermal dissipation in printed circuit boards (PCBs) leads to a higher proportion of filler materials, which severely compromises micro-hole machining performance. Achieving high-quality drilling under conditions of high hole density and large aspect ratio presents significant challenges, as the material removal process involved is complex and chip evacuation is extremely difficult. Therefore, an in-depth analysis of the material removal process is essential for minimizing hole defects and addressing chip evacuation issues during large aspect ratio drilling. This paper opens by examining the characteristics of the component materials and structure of HFHSPCBs, specifically how the thermomechanical properties of these materials impact machining performance. It highlights the differences in deformation and fracture characteristics between HFHSPCB materials and conventional PCBs. Following this, the paper reviews the chip evacuation mechanism, identifies the primary challenges in chip evacuation related to large aspect ratio drilling, and summarizes effective methods to enhance chip evacuation efficiency. Finally, the paper outlines key directions for future research focused on materials and chip evacuation processes in the manufacturing of next-generation PCBs.</p>