Carbon nanotubes (CNTs) are regarded as ideal filler materials for polymeric fiber reinforcement due to their exceptional mechanical properties and 1D cylindrical geometry (nanometer-size diameter and very high aspect ratio). The reported processing conditions and property improvements of CNT reinforced polymeric fiber are summarized in this review. Because of CNT polymer interaction, polymer chains in CNTs' vicinity (interphase) have been observed to have more compact packing, higher orientation, and better mechanical properties than bulk polymer. Evidences of the existence of interphase polymers in composite fibers, characterizations of their structures, and fiber properties are summarized and discussed. Implications of interphase phenomena on a broader field of fiber and polymer processing to make much stronger materials are now in the early stages of exploration. Beside improvements in tensile properties, the presence of CNTs in polymeric fibers strongly affects other properties, such as thermal stability, thermal transition temperature, fiber thermal shrinkage, chemical resistance, electrical conductivity, and thermal conductivity. This paper will be helpful to better understand the current status of polymer/CNT fibers, especially high-performance fibers, and to find the most suitable processing techniques and conditions.