In response to the evolving landscape of high-speed aircraft, characterized by an expansive airspace, prolonged flight durations, and increased velocities, the thermal protection requirements for key structures such as the nose cone, leading edge, and engine combustion chamber have become more exacting. This necessitates a concerted focus on the development of high-performance thermal protection materials capable of withstanding extreme conditions. Ultra-high temperature ceramic composites have emerged as noteworthy candidates, showcasing exceptional oxidation and ablation resistance. Despite their commendable properties, the inherent brittleness of these composites poses a significant obstacle to widespread engineering applications. To address this limitation, there is a growing emphasis on toughening through structural modulation. Simultaneously, the imperative to enhance aircraft payload capacity underscores the demand for lightweight ultra-high temperature ceramic composites. This paper provides a systematic overview of the major research advances made in recent years on ultra-high temperature ceramic composites, including preparation methods such as pressure sintering, slurry infiltration, precursor impregnation and pyrolysis, reactive melt infiltration, chemical vapor infiltration/deposition, and “solid-liquid” combination process, toughening methods such as particles, whiskers, soft-phase materials, short-cut fibers, and continuous fibers, as well as oxidation ablation resistant properities and mechanisms, and lightweighting design. The relationship between the components, microstructures and properties of ultra-high temperature ceramic composites is discussed in depth, and the current challenges as well as the future development trends of ultra-high temperature ceramic composites are presented.