Biopolymer blend based nanocomposites have been interestingly investigated by researchers to achieve advanced composite functional materials that are environmentally amicable. Among the varieties of biopolymers, widespread attention has been given to polyvinyl alcohol (PVA) and polyvinyl pyrrolidone (PVP) owing to their interesting properties like water solubility, biodegradability, biocompatibility and non-toxicity. PVA and PVP form a completely miscible blend at all compositions as both the polymers are rich in a variety of functional groups that permit effective intermolecular interactions between the polymers as well as with filler. PVA/PVP blend exhibits excellent dopant sensitive properties also. Metal oxide nanoparticles (MONPs) have made a prominent place in the area of scientific and technological research due to their unique chemical and physical properties. Doping with MONPs enhances the properties of the PVA/PVP blend matrix and the resulting PVA/PVP/MONP polymer nanocomposites are suitable for multifunctional purposes. This review mainly focused on the influence of various MONPs such as ZnO, CuO, Al2O3, ZrO2, MnO, SnO, MgO, TiO2, etc. in the structural, morphological, thermal, optical and electrical properties of PVA/PVP blend as well as its applications in various fields.