A recent increase in the use of ecofriendly, natural fibers as reinforcement for the fabrication of lightweight, low cost polymer composites can be seen globally. One such material of interest currently being extensively used is basalt fiber, which is cost-effective and offers exceptional properties over glass fibers. The prominent advantages of these composites include high specific mechano-physico-chemical properties, biodegradability, and non-abrasive qualities to name a few. This article presents a short review on basalt fibers used as a reinforcement material for composites and discusses them as an alternative to the use of glass fibers. The paper also discusses the basics of basalt chemistry and its classification. Apart from this, an attempt to showcase the increasing trend in research publications and activity in the area of basalt fibers is also covered. Further sections discuss the improvement in mechanical, thermal and chemical resistant properties achieved for applications in specific industries.