As an excellent candidate for lightweight structural materials and nonmetal electrical conductors, carbon nanotube reinforced carbon matrix (CNT/C) composites have potential use in technologies employed in aerospace, military, and defense endeavors, where the combinations of light weight, high strength, and excellent conductivity are required. Both polymer infiltration pyrolysis (PIP) and chemical vapor infiltration (CVI) methods have been widely studied for CNT/C composite fabrications with diverse focuses and various modifications. Progress has been reported to optimize the performance of CNT/C composites from broad aspects, including matrix densification, CNT alignment, microstructure control, and interface engineering, etc. Recent approaches, such as using resistance heating for PIP or CVI, contribute to the development of CNT/C composites. To deliver a timely and up-to-date overview of CNT/C composites, we have reviewed the most recent trends in fabrication processes, summarized the mechanical reinforcement mechanism, and discussed the electrical and thermal properties, as well as relevant case studies for high-temperature applications. Conclusions and perspectives addressing future routes for performance optimization are also presented. Hence, this review serves as a rundown of recent advances in CNT/C composites and will be a valuable resource to aid future developments in this field.