This review paper summarizes the current state-of-art and challenges for the future developments of fiber-reinforced composites for structural applications with multifunctional capabilities. After a brief analysis of the reasons of the successful incorporation of fiber reinforced composites in many different industrial sectors, the review analyzes three critical factors that will define the future of composites. The first one is the application of novel fiber-deposition and preforming techniques together with innovative liquid moulding strategies. The second is the combination of these techniques by optimization tools based on novel multiscale modeling approaches, so fiber-reinforced composites with optimized properties can be designed and manufactured for each application. In addition, the third is the enhancement of composite applications by the incorporation of multifunctional capabilities. Among them, electrical conductivity, energy storage (structural supercapacitors and batteries) and energy harvesting (piezoelectric and solar energy) seem to be the most promising ones. (C) 2017 Elsevier Ltd. All rights reserved.