Abstract: The widespread application of composite materials in engineering has led to an increasing combination of composite and metal structures, thereby posing new requirements for the joint design of composite-metal hybrid structures. This paper reviews the current status of research on the strength and failure analysis of bolted connections in metal-composite hybrid structures. It examines the influence of various factors—such as joint configuration, assembly gap, geometric parameters, composite layup design, bolt preload, and service environment—on the mechanical properties and failure modes of hybrid connection structures. Furthermore, the paper discusses in detail the failure mechanisms of metal-composite hybrid structures under combined thermal and mechanical loads. Additionally, it summarizes relevant research on the failure behavior of metal-sandwich composite connection structures. The findings indicate that existing experimental methods and numerical models can assist in the design of composite-metal bolted joints, thereby facilitating the rapid development and application of composite materials in ship structural engineering.