Carbon nanofibres have transformed the composite materials substantially due to their exceptional mechanical, thermal, and electrical properties. Their high aspect ratio and larger surface area facilitate improvement in matrix material properties. Their presence as the reinforcement material in the matrix leads to composites with tailorable attributes. CNFs can have ordered to less ordered graphitic structure with diameter ranging from tens to hundred nanometres. Their structure implicates their properties and can influence their interaction with the different matrix materials in the composites. CNFs can be produced using several techniques including CVD, electrospinning, and arc discharge methods. Composite fabrication involves dispersing the CNFs within the matrix such as polymer, metal, or ceramic using techniques like solution mixing, melt blending, or infiltration. Achieving uniform dispersion and strong interfacial bonding between CNFs and the matrix is crucial for realizing the full potential of these composites. Incorporating the CNFs into the matrix material can significantly improve the physico-mechanical behaviour of the composite including, strength, stiffness, electrical conductivity, and thermal conductivity. The specific properties achieved depend largely on the composition, dispersion, and orientation of the CNFs in the composite material. Due to their ability to tailor the behaviour of the matrix material, they find application in different sectors such as aerospace, automotive, wearable electronic devices, heat sink, and energy storage. Composite material based on CNFs will require to produce cost-effective CNFs synthesis and better interfacial bonding within composite matrix. The development of sustainable CNF production methods and the use of bio-based matrix materials can make CNF composite eco-friendlier.