Owing to its superior ablation performance, cost- effectiveness, simple process, and outstanding mechanical properties alongside dimensional stability, phenolic resin is widely used in the aerospace sector. As an emerging modified phenolic resin, ceramizable phenolic resin can form a carbon/ceramic coupling layer during ablation process, which significantly enhances the ablation resistance and oxidation resistance of phenolic resin matrix composites. This makes it a preferred material for next- generation high- performance thermal protection systems. The paper focused on silicon and boron element- modified ceramicizable phenolic resin and its composites. The current research progress of ceramicizable phenolic resin and its composites from the perspectives of filler modification and chemical modification was reviewed. The paper summarized the advantages and challenges of these modification methods and provided an outlook on the research prospects of ceramicizable phenolic resin matrix composites.