Abstract: In order to better grasp the properties and application fields of basalt fibres, this paper makes a systematic summary on previous studies. It introduces its main chemical compositions and the development process, with focuses on the characteristics and applications. Basalt fibres is characterized by high tensile strength, high modulus, chemical resistance, and broad working temperature range. It is natural, environment friendly, and non-toxic material. Basalt fibres can be widely applied in such materials as composite, insulation and friction. Based on the analysis of earlier research, it puts forward the idea to further expand its application and predicts that as the 21st century new fibre, basalt fibre will play an important role in many fields.