Fiber-reinforced polymer (FRP) composites are revolutionizing the global manufacturing sectors due to their superior material properties. FRP’s mechanical performance at various temperatures is gaining attention in aerospace, marine, and civil industries. These composites are examined for various mechanical properties at room temperature or below the glass transition temperature of the polymer matrix. The challenge exists at times of actual service conditions, as the components made of these composites are exposed to different temperature environments. At various machining operations, thermal stresses are generated due to the increase in cutting temperature between the tool-workpiece interface, leading to the catastrophic failure of the component when subjected to prolonged service time. This review comprehensively discusses the prominence of low and high temperature affecting the mechanical performance and various machining conditions of FRP composites. More than 80 research articles have been analyzed and summarized on temperature outcomes of tensile, flexural, and compressive properties. The influence of cutting temperature on different machining operations such as orthogonal cutting, milling, edge trimming, and drilling on surface characteristics and tool wear at various temperatures has also been discussed. In addition, tensile properties numerical predictive models for FRP composites exposed to elevated temperatures are presented, providing up-to-date progress.