The development of high-performance composites for mechanical energy dissipation during impact or explosive events is of vital importance for the safety of personnel and infrastructures. Solid–liquid composites are an emerging class of energy absorbers where a liquid-phase filler is seamlessly integrated into a solid matrix to enhance the impact resistance of the protection target. This innovative approach leverages the distinct properties of both phases and the unique interactions between them to achieve superior performance under high-impact conditions. This paper aims to review the liquid-phase materials used in solid–liquid composites, ranging from neat liquids to complex fluids, including liquid nanofoam and shear-thickening fluids, to provide an in-depth analysis of the fundamental physics underpinning the resulting solid–liquid composites, and to explore how their unique properties contribute to enhanced impact resistance and energy absorption. Furthermore, this paper evaluates the advantages and limitations of these solid–liquid composites and offers insights into future directions for the development of solid–liquid composites in various fields, including personal protective equipment, automotive safety systems, and structural protection.