As a vital component of China’s key strategic materials, high-performance fibers and their composites are the material foundations to support the implementation of national strategies and the manufacture of high-end equipment. They are also an important force actuating the development of the new materials industry. This paper focuses on the strategy of constructing a strong country in material fields by 2035. In the paper, the current status, trends, challenges, and domestic problems of high-performance fibers and their composites are systematically analyzed. Additionally, a development idea of “independent product, technology, and industry system” is put forward, and the development aims by both 2025 and 2035 and the development tasks are presented. Accordingly, suggestions are proposed including improving the ability for designing and applying composites, developing the technology of industrial manufacturing facilities, and establishing a joint innovation platform, hoping to provide a reference for the high-quality development of the technologies and industries regarding high-performance fibers and their composites.