In recent years, domestic and foreign research on smart fibers and smart textiles has achieved many results, and has been increasingly widely used in the textile field. This article introduces the functions of smart fibers and the main seven types of smart fibers, as well as a brief description of shape memory textiles, color-changing textiles, smart temperature control textiles, waterproof and moisture-permeable textiles, self-cleaning textiles, and electronic information smart textiles. At present, smart fibers and smart textiles are mainly used in the fields of medical health care, military protection, entertainment sports, and clothing consumption. At the same time, their prospects and markets are pointed out. Smart fibers and smart textiles have unlimited development potential and prospects.