The thermal performances and characteristics, products from main companies at home and abroad, and examples of typical thermal management applications of different metal matrix composites (MMCs) were reviewed. The possible future developments of MMCs used for thermal managements of high power density were predicted. Based on the common characteristics of high thermal conductivity and low coefficient of thermal expansion, silicon/aluminum, silicon carbide/aluminum and carbon fiber/aluminum composites, featured of light weight, low cost and machinability, have been widely used in the areas of aerospace, aviation and transportation. Carbon fiber, silicon carbide, diamond particles reinforced copper composites were also gradually emerging in the of military fields, due to their high environmental tolerance and stability. As responses to electronic packaging with ever increasing power density, the National Key Research & Development Plan has been dedicated to carry out projects focusing on MMCs with ultrahigh thermal conductivity over 800 W/mK. It’s supposed that, nanoscale interface design, novel architecture and new reinforcements with ultrahigh thermal conductivity, may lead to new popular studies in MMCs for thermal management applications.