Microplastic (MP) pollution has become a global concern in terms of its environmental abundance and potential detrimental effects. Fibrous microplastics (FMPs) released from synthetic textiles are believed to contribute significantly to environmental MP pollution. This review provides an overview of current knowledge relating to the environmental impact of FMPs through a summary and discussion of (1) the concentrations in different environmental compartments including water, soil and air, (2) emission from wastewater treatment plants: via effluent discharges to waters and via sludge to land, (3) environmental transport and fate, and (4) toxicity and associated effects. How the properties of FMPs influence these aspects is discussed and their behaviour is compared to MPs of other shapes. We have summarised the Environmental Concentrations and derived Predicted No-Effect Concentrations for a preliminary risk assessment of FMPs by extrapolating the risk quotient for each respective environmental compartment. The uncertainties surrounding current assessment methods are discussed. In particular we address the need to improve determination of exposure levels and to better characterise the effects of FMPs. We conclude by presenting topics for future studies to address, which will improve our still limited understanding of the interactions between FMPs and the environment.