Konjac glucomannan is a water-soluble, nonionic high-molecular-mass polysaccharide with good water-holding, film-forming, gelation, and biocompatibility properties. Among the many studies on konjac glucomannan-based composite materials, the studies of physically modified composite films have attracted much attention and shown promising applications in the field of new food packaging materials. In this review, the molecular structure and properties of konjac glucomannan are outlined, with a special focus on the types, morphological and structural characteristics, intermolecular interactions of the blending components, formation mechanism and functional properties of konjac glucomannan-based physically modified composite films and recent progress in their application.