Metal matrix composites (MMCs) are essential materials in various industries due to superior properties, such as high strength-to-weight ratios, better corrosion resistance, improved wear resistance and adaptability, developed by continuous improvements in their fabrication methods. This helps to meet the growing demand for high-performance and sustainable products. The industries that stand to gain the most are automotive and aerospace, where MMCs are used for car parts, airplane frames, and jet engines that need to be strong and lightweight. Furthermore, MMCs are being extensively used in the biomedical industry for implants and medical equipment because of their suitable mechanical integrity and corrosion resistance. Applications in heavy construction, defense, and even space exploration are noteworthy. The advancements in fabrication of MMCs have revolutionized the composite industry with their improved mechanical, tribological, and metallurgical properties. This review article offers an introduction and thorough examination of the most recent advancements (mostly within the last five years) in fabrication methods of MMCs. The novelty and modernization in the traditional processes and advanced processes are covered, along with discussing the process parameters' effects on the microstructure and properties of the composites. The review focuses on features and prospective applications of MMCs that have been greatly improved and extended due to such advancements. The most recent methods for developing MMCs, including friction stir processing (FSP), ultrasonic-assisted stir casting, and additive manufacturing, are discussed. Artificial intelligence and machine learning interventions for composite manufacturing are also included in this review. This article aims to assist researchers and scholars and encourage them to conduct future research and pursue innovations to establish the field further.