An important principle in the design of lightweight materials is to be able to achieve a balance between outstanding mechanical properties and lowest structural weight. Multifunctional material composites offer the potential to achieve this balance and to significantly improve property profiles in comparison to conventional materials. This research project integrates steel fibers in carbon fiber polymer laminates. The aim of embedded CrNi based steel fibers is to enhance electrical conductivity as well as damage tolerance and structural integrity of regular carbon fiber polymer composites (CFRP), while simultaneously supporting stiffness and tenacity. We will rate the development of metal and carbon fiber reinforced laminates (MCFRP) by their electrical and mechanical properties during monotonic, fatigue and dynamic loading. Finally, in order to evaluate the lightweight potential of MCFRPs, we are comparing their characteristics with conventional CFRPs that do not have metal fiber reinforcement.