Proton exchange membrane fuel cells (PEMFCs) have attracted tremendous attention because of their high efficiency compared to other types of fuel cells. Nafion is the most commonly used polymer for membranes used in PEMFCs. A large variety of nanoparticles of different natures and sizes can be blended with a Nafion matrix, generating a new class of nanostructured electrolyte membrane with interesting physical properties. In this paper, we discuss the recent progress in the field of Nafion‐based nanocomposite membranes. They exhibit a significant improvement in thermo‐mechanical and thermal stability as well as proton conductivity at very low filler contents. The preparation, characterization, and properties of various types of Nafion‐based nanocomposite membranes are critically reviewed, and detailed examples are summarized.magnified image