Significant progress has been achieved in the research field of characterization models and methodologies for uniaxial and multiaxial fatigue properties of laminated composite structures. In this paper, the damage curve models, residual stiffness models, residual strength models, fatigue modulus models and S –N curve models for fatigue damage evolution were reviewed, aiming at analyzing and predicting fatigue property of fiber reinforced composite laminates. Furthermore, the fatigue failure criteria and fatigue life predicting models and methodologies were summarized and analyzed. Meanwhile, the deficiency in fatigue research of composite materials was elaborated. The research shows that the theoretical models of fatigue damage evolution and life prediction are mostly macroscopic phenomenological models, and rarely involve micro-damage forms and mechanisms. Although the finite element method for life prediction of multidirectional laminates has wide applicability, it is not enough to simulate the real damage path and course of composite materials. Based on this analysis, the key future research direction of fatigue damage and life of composites was prospected.