Recently, the use of composite materials in miniaturized scale is receiving much attention in the fields of medicine, electronics, aerospace, and microtooling. A common trend for producing miniaturized composite parts is micromanufacturing. This trend to miniaturization has, in fact, moved very quickly during the last two decades, driven primarily by electronics and silicon (Si)-based products. Nevertheless, Si-based products have some intrinsic limitations in respect to geometry (2D and 2.5D), material (only Si), mechanical performance and cost. These issues have led researchers to find alternative bulk materials. Consequently, the possibilities of using bulk materials, such as metals, ceramics, polymers, and their alloys, are also so saturated that it may be difficult to achieve the highest material properties by a monolithic material. Composite materials, on the other hand, exhibit endless possibilities for meeting many of the emerging industrial requirements, in terms of extreme mechanical, electrical, magnetic, optical, and thermal properties. By choosing an appropriate combination, it is also possible to attain specific properties, and thus composite materials are indispensable in a variety of applications today from micro- to nanoscale. There has been, however, no comprehensive literature published that reviews, compares, and discusses the ongoing micromanufacturing methods for producing miniaturized composite components. This study identifies the major micromanufacturing methods used with composite materials, categorizes their subclasses, and highlights the latest developments, new trends, and effects of key factors on the productivity, quality, and cost of manufacturing composite materials. A comparative study is presented that shows the potential and versatility associated with producing composite materials along with possible future applications. This review will be helpful in promoting micromanufacturing technology for fabricating miniaturized products made of composite materials to meet the growing industrial demand worldwide.