Synthesis of a class of Lx‐β‐NiMoO4 (L = None, Al, V, Fe, Co) nanocomposites by a facile one‐step solid‐state route at 700, 800, and 900 °C for 8 h is introduced in the present study. The physical and electrochemical properties of the fabricated compounds are studied by X‐ray powder diffraction (XRPD), field‐emission scanning electron microscope, energy‐dispersive X‐ray spectroscopy, Fourier‐transform infrared spectroscopy, UV‐vis, vibrating sampling magnetometer (VSM), and cyclic voltammetry (CV) analyses. XRPD patterns associated with Rietveld analysis data performed by the FullProf program confirm that the as‐prepared samples are crystallized in the β polymorph monoclinic NiMoO4 crystal system. The magnetic property investigated by VSM analysis data shows that the fabricated samples have ferromagnetic behavior. It is found that the highest Ms value is obtained when Fe3+ is doped into the NiMoO4 crystal system. The smallest direct band gap energy (Eg) is obtained for V‐doped NiMoO4 nanocomposite. The electrochemical property of the prepared NiMoO4 nanocomposites is studied by CV analysis. The data confirm that NiMoO4 can be used in energy storage applications. An impedance spectroscopy plot of NiMoO4 reveals that the Z value is about 30 Ω cm−2. The slope of the curve is near to 90° representing a good capacitance behavior of NiMoO4.