Hybrid optical fiber interferometers provide an efficient way for the detection of multiparameters with high sensitivity and resolution. They are formed by combining two or more identical or different fiber interferometers in cascade or parallel. Two interferometers in the hybrid structure are used for the detection of multiparameters. In addition, hybrid fiber interferometers provide high sensitivity measurement when the Free Spectral Range of the two interferometers satisfies the Vernier effect condition. This review summarizes the recent advancements and future challenges of the hybrid optical fiber interferometers. In the beginning, the hybrid interferometers are introduced, followed by an extensive review on the state-of-the-art sensing structures, and the discussion mainly covers the characteristics of multiparameter detection along with high sensitivity and resolution. In this article a detailed review is presented that describes the future trend for the placement of hybrid interferometers in practical applications.