With the development of aerospace, shipbuilding, and 3C electronics, the performance requirements for materials used in components are increasingly stringent. Traditional aluminum matrix composites (AMCs) can not meet these demands. The development of ultra-high strength, high stiffness AMCs has become imperative. This review comprehensively summarizes the research advancements in ultra-high strength aluminum matrix composites worldwide, briefly introduces the selection of the AMC matrix, focuses on the impact of reinforcements on the performance, summarizes the deformation processing and heat treatment techniques for ultrahigh strength AMCs, and discusses the future development directions and challenges faced by these materials.