With the development of civil engineering industry, the use of new composite materials has become an inevitable trend. This paper mainly focuses on the mechanical properties and development status of Basalt Fiber (BF) and its fiber composites which is called Basalt Fiber Reinforced Polymer (BFRP). The raw material of BFRP, the basalt ore and the preparation of blast furnace are discussed. Then, the preparation method of BFRP is introduced. In the process of research, it is found that when the preparation of BFRP is completed, the types of BFRP can be roughly divided into mixed reinforcement type and basic profile type. Subsequently, the factors affecting the mechanical properties of blast furnace are studied, which are mainly divided into interface modification and interface aging. In the aspect of interface modification, four modification methods such as acid-base etching modification, plasma surface treatment, silane coupling agent treatment and nanoparticle modification are introduced in detail. Finally, comparing BF with carbon fiber (CF), polyester fiber (PF) and glass fiber (GF), it is found that BF has better plasticity, toughness, good electrical insulation and low thermal conductivity. However, there are still many difficulties to be solved in the production, preparation, modification and application of BF and BFRP