<p>Due to the structural and material characteristics of fiber-reinforced polymer (FRP)/light alloy (LA) laminated materials, they are highly susceptible to various processing defects during the hole-making process, which will further limit their wide application. In this article, the experimental achievements and research progress of simulation analysis and mechanical drilling of FRP/LA laminated materials are reviewed. The defect types and influencing factors during the hole machining process of laminated materials were analyzed, especially the forming mechanisms of delamination and ablation damage in composite materials and the processing characteristics of the interface of laminated materials. The influence of tool type, process parameters, lamination sequence, and cutting environment on machining quality was discussed. In order to reduce processing defects such as delamination and ablation damage during the hole machining process of FRP/LA laminated materials, from the perspective of green processing, the experimental effects and influence rules of non-traditional machining technologies on machining defects are discussed, such as vibration-assisted processing, laser-assisted processing, water jet-assisted laser processing, and abrasive water jet processing. Finally, the defects and shortcomings in the hole machining process of FRP/LA laminated materials are summarized. On this basis, the research status of FRP/LA laminated materials has been prospected, which provides a significant reference value and theoretical basis for achieving precise, efficient, and high-quality integrated machining of laminated materials and optimizing process routes.</p>