Oxide-based eutectic composite ceramics possess excellent mechanical properties, high-temperature microstructure stability, and superior oxidation resistance and corrosion resistance, which have been considered as the most promising candidates applied in high-temperature oxygen-enriched environment above 1400oC for long periods. This paper systematically reviews the important development of processing, microstructures and properties of oxide-based eutectic composite ceramics in the past few years. Specially, the progress in eutectic ceramic microstructure characteristic, solidification behavior, crystal orientation relationships, mechanical properties and toughening method are highlighted. Lastly, the prospects and future developments in this field are proposed.