Carbon fiber-reinforced epoxy (CF/EP) composites are attractive materials for hydrogen storage tanks due to their high strength-to-weight ratio and outstanding chemical resistance. However, cryogenic temperatures (CTs) have a substantial impact on the tensile strength and interfacial bonding of CF/EP materials, producing problems for their long-term performance and safety in hydrogen storage tank applications. This review paper investigates how low temperatures affect the tensile strength, modulus, and fracture toughness of CF/EP materials, as well as the essential interfacial interactions between carbon fibers (CFs) and the epoxy matrix (EP) in cryogenic environments. Material toughening techniques have evolved significantly, including the incorporation of nano-fillers, hybrid fibers, and enhanced resin formulations, to improve the durability and performance of CF/EP materials in cryogenic conditions. This review also assesses the hydrogen barrier properties of various composites, emphasizing the importance of reducing hydrogen permeability in order to retain material integrity. This review concludes by highlighting the importance of optimizing CF/EP composite design and fabrication for long-term performance and safety in hydrogen storage systems. It examines the prospects for using CF/EP composites in hydrogen storage tanks, as well as future research directions.