Fiber reinforced resin matrix composites have been widely used in automobiles, aerospace industry, sporting goods and other important frontiers, due to their advantageous properties such as high stiffness and strength, low density, and flexible structural design. However, because of their permanent cross-linked networks of the thermosetting resin matrixes, the composites are difficult to be recycled or repaired effectively, which give rise to serious environmental pollution and tremendous waste of resources. The development of vitrimers provides an effective way to address the recycling and repairing issues of fiber reinforced thermosetting composites from the source of matrix resin, thus the carbon fiber reinforced composites based on vitrimers have also attracted increasing attention in recent years. Compared with traditional thermosetting composites, the vitrimer-based composites can not only exhibit comparable mechanical and thermal properties, but also can achieve recyclability, repairability and reshapeability functions, showing great application prospects and broad market in the current carbon neutral background. The recent developments of fiber reinforced vitrimer resin composites based on different exchange mechanisms such as transesterification, imine bonds, disulfide exchange, transamination of vinylogous urethanes and boronic ester bonds were reviewed. The preparation method, characteristics, recycling mechanisms and methods of vitrimer-based composites were discussed, and the development prospect and challenge were summarized. This review aims to provide reference for the further research and application of fiber reinforced vitrimer resin matrix composites.