•Waste tire rubber as environmentally-friendly and low-cost modifier of thermoset polymers.•Recent advances and future developments in thermoset/waste tire rubber composites.•Structure-property relationship for thermoset/waste tire rubber systems.•Possible routes to tailoring of performance properties of thermoset/waste tire rubber systems. Nowadays, waste tire rubber (WTR) management is a growing and serious problem. Therefore, research works focused on the development of cost-effective and environmentally-friendly methods of WTR recycling are fully justified. Incorporation of WTR into polymer matrices and composite materials attracts much attention, because this approach allows sustainable development of industrially applicable waste tires recycling technologies. Generally, utilization of WTR as a filler for polymer composites noticeably reduces materials costs, while suitable modification/functionalization of WTR may significantly enhance the performance of plastics and rubbers. This work aims to summarize the literature reports related to the thermoset/WTR composites based on various matrices such as: polyurethanes, epoxy and other resins. It particularly focuses on compatibilization strategies in thermosets/WTR systems and their impact on the chemistry and physical interfacial interactions between thermoset matrix and WTR filler phase, what significantly affecting performance properties of prepared materials. Moreover, future trends and limitation related to thermoset/WTR composites development are discussed.