Composites have been developed as light-weight materials which can successfully replace traditional metals in the aerospace industry due to their outstanding mechanical properties and lower weight in comparison to conventional metal alloys. This study introduces composite materials as the ones that are able to withstand extreme working conditions. However, some of the advantages and possible failures may rely on manufacturing inaccuracies, selected technique of fabrication method or final forming so developing of materials engineering and mechanical engineering plays important role to provide composite with the best possible performance. Nevertheless, a right selection of matrices and reinforcements assisted with contemporary nanotechnology helps to obtain satisfying results in composite design. The paper describes polymer matrix composites, metal matrix composites as well as ceramic matric composites with special emphasis on examples of their application in the aerospace industry and recent advances based on current scientific knowledge. Presented manuscript shows that due to development of aerospace engineering and constant need of modern light-weight materials for extreme applications the topic is still relevant nowadays. The paper was influenced by Authors scientific research conducted so far in the field of composite materials and a growing popularity of Authors review article from 2019 which Authors think need an update after years. A concise form of this kind of review may meet expectations of young researchers and scientists.