The polymer matrix composite materials are considered as one of the vibrant materials in the contemporary world, owing to their synergistic properties, including light weight, higher stiffness, good strength, high thermal stability, good resistance to flame, fire, weather, moisture, corrosion and microbial organisms, and good electrical behavior, which is not obtainable with the distinct individual components. They are extensively utilized as materials in the production/fabrication of airplane components, electronic packaging and medical equipments, space vehicles, construction, and etc. In this regard, the present article discusses the salient features of the thermal and morphological properties of polymer matrix composites using various sophisticated analytical techniques including DSC, TGA, TMA, DMA, XRD, SEM, TEM and etc. In addition, the present article also presents the probable applications of polymer matrix composites.