High performance polymer composites have become an indispensable strategic material for national defense and economic development due to their excellent comprehensive properties. They have broad prospects for development since they have been widely applied in various fields such as aerospace, wind power generation, rail transit, and automobile. The macro development demand of China for high performance polymer composites is analyzed in this paper. The current status and characteristics of fiber reinforcement such as carbon fiber, aramid fiber, and high performance glass fiber as well as polymer resin matrix materials such as epoxy, phenolicresin, and special resin is reviewed. The existing problems and developing objective are also proposed. Specifically, an industrialization system including key technology research and engineering application for the carbon fiber has been established, allowing the carbon fiber industry to develop toward high performance and low cost. The industrial production of para-aramid fiber is preliminarily realized and the glass fiber industry has maintained a stable growth. However, the resin matrix materials for high performance polymer composites face a severe situation. Furthermore, suggestions are proposed based on the demand of development from the viewpoint of independent innovation, demand orientation, construction of industrial chain, personnel training, and industrial innovation, hoping to provide an effective reference for the development of high performance polymer composites in China.