Oxide/Oxide ceramic matrix composites (CMCs) possess great potential in combustion environments of gas turbines, such as combustion chamber, scramjet nozzle and so on for their favorable performances (high strength and modulus, excellent oxidation resistive properties, etc.). In this paper, reinforced fibers and ceramic matrices for Oxide/Oxide CMCs are summarized, and it is pointed out that both single crystal oxide fibers and mullite ceramic matrix have great application potential. The improvement approaches of their mechanical properties, inter-phases and porous matrix, are reviewed based on the adjustment of the fiber/matrix bonding. The key problems, notch sensitivity, creep tolerance and ablation resistence, which limit their applications, are analyzed, and their future development is prospected.