Abstract Carbon‐ and glass‐fiber reinforced polyurethane (CFRPU/GFRPU) composites gained worldwide industrial applications because of the versatility of the PU matrix. The present study summarized the mechanical performance, durability, and modification of CFRPU/GFRPU composites. Results show that the mechanical performance of CFRPU/GFRPU composites depends on the manufacturing and test parameters. CFRPU/GFRPU composites have similar durable performance compared with their epoxy‐based counterpart composites. The degradation of CFRPU/GFRPU composites under exposures depends on the competition between positive effects like post‐curing and side effects including matrix swelling, plasticization, and hydrolysis as well as interface debonding. The maximum improvement rates of the tensile strength, interfacial strength, flexural strength, and impact strength of CFRPU/GFRPU composites could reach 53.2%, 154.5%, 50.3%, and 170% depending on different modifications. More attention should be paid to the durability of CFRPU/GFRPU composites under combined effects of environment and loads, and modification of continuous glass‐ or carbon‐fiber reinforced polyurethane composites regarding improving their mechanical and durable performance.