Abstract: The high-quality development of the integrated circuit industry puts forward higher requirements for the insulation properties and thermal conductivity of supporting materials in its industrial chain. The basic research of carbon-based materials with excellent properties, such as high thermal conductivity, low density and active surface interface in polymer matrix composites, is essential for the performance improvement and application development of high-performance insulating and thermally conductive materials. This article systematically reviews the research progress of carbon-based fillers in polymer matrix insulating and thermally conductive composites. Firstly, the thermal conduction mechanism, insulation mechanism, and insulation and thermal conduction compatibility mechanism of polymer matrix composites were introduced. Secondly, the surface treatment, spatial structure and distribution control methods of carbon-based fillers were reviewed, and the control mechanism of insulation properties and thermal conductivity wass studied. Finally, the unresolved scientific problems, technical difficulties and future development directions in the research work of polymer matrix insulating and thermally conductive composites were summarized and prospected.