Static Mesh Import
The StaticMesh support in the FBX import pipeline makes getting meshes from 3D applications into Unreal Engine 4 a simple, painless task. When meshes are imported, the textures used in the materials applied to those meshes in their respective 3D application (diffuse and normal map only) are also imported and, in turn, used to generate the materials applied to the mesh in UE4.
Import Materials and Textures
Materials are created in Unreal for each of the materials found in the FBX file. Above and beyond this, textures referenced in the FBX material will automatically be imported and if an equivalent property exists, they will be connected to those properties. Those that are not supported will be left floating free, awaiting hook up to the Unreal Material Editor.
In the image above, both are the same cube but the one on the left was not imported with its materials, while the other one was imported with materials.