Strengthening and rehabilitation of masonry and concrete structures by means of externally bonded fabric-reinforced cementitious matrix (FRCM) (also referred to as textile reinforced mortar (TRM)) composites was proposed as an alternative to the use of fiber-reinforced polymer (FRP) composites due to their good mechanical properties and compatibility with the substrate. However, quite limited studies are available in the literature regarding the long-term behavior of FRCM composites with respect to different environmental conditions. This paper presents a thorough review of the available researches on the long-term behavior of FRCM composites. Namely, (i) test set-ups employed to study the FRCM durability, (ii) conditioning environments adopted, and (iii) long-term performance of FRCM and its component materials (mortar and fiber textile) subjected to direct tensile and bond tests, are presented and discussed. Based on the available results, some open issues that need to be covered in future studies are pointed out.