One of the groups of pyrotechnic compositions is thermite compositions, so-called thermites, which consist of an oxidant, usually in the form of a metal oxide or salt, and a free metal, which is the fuel. A characteristic feature of termite combustion reactions, apart from their extremely high exothermicity, is that they proceed, for the most part, in liquid and solid phases. Nanothermites are compositions, which include at least one component whose particles size is on the order of nanometers. The properties of nanothermites, such as high linear burning velocities, high reaction heats, high sensitivity to stimuli, low ignition temperature, ability to create hybrid compositions with other high-energy materials allow for a wide range of applications. Among the applications of nanothermites, one should mention igniters, detonators, microdetonators, micromotors, detectors, elements of detonation chain or elements allowing self-destruction of systems (e.g., microchips). The aim of this work is to discuss the preparation methods, research methods, direction of the future development, eventual challenges or problems and to highlight the applications and emerging novel avenues of use of these compositions.