Fiber reinforced composite materials are a kind of engineering composite materials with wide range of applications and excellent mechanical properties. However, due to the anisotropy and stable physicochemical properties of reinforcing fiber, the fiber reinforced composites are difficult to be processed by traditional metal processing methods, especially the composite materials with fiber as the reinforcing body and high elongation at break, like aramid fiber, because there are serious processing defects such as tearing, burring and delamination. Ultrasonic vibration assisted machining is a processing method attaching ultrasonic vibrations to the machining process. The addition of ultrasonic vibration can make the tool and the workpiece periodically contact, reduce the cutting resistance and decrease the cutting temperature, which can improve the surface quality of the fiber reinforced composite material and reduce the processing defects to a certain extent. Based on the classification, system composition and processing mechanism of ultrasonic vibration assisting technology and surface quality of fiber composite materials, material removal and processing mechanism and processing defects, the work aims to summarize the domestic and overseas research progress of ultrasonic vibration assisted cutting technology based on fiber composites from three common processing methods from nesting, spiral milling and contour milling. According to the development of ultrasonic vibration-assisted cutting technology for fiber composites, the achievements and problems in current research and application are summarized in terms of basic theory research, material surface modification, new processing technology exploration and the development and perfection of ultrasonic vibration machining system. Meanwhile, the prospects for future research are also presented.