This paper highlights the importance, various fabrication methods and properties of carbon fibre reinforced carbon (CFRC) composite material, which is gaining and occupying significant position among various composite materials. A number of properties that make these materials unique for various applications like space, defense and other industrial fields. The properties of this unique material are tailorable according to the requirements. These materials are also bio compatible. In this paper various critical issues and also major challenges faced by this CFRC material were discussed. CFRC matrix composites or so called reinforced carbon-carbon composites is an important sub class of ceramic matrix composites have lower density values, much lower than the metals and ceramics and hence make lower component weight, which is an important consideration for Aerospace vehicles and bio materials. The properties are explained with a case study of Brake discs of MBT Arjun. The influential factors of drilling of this unique material are also discussed.