Nanocellulose (NC) is a natural polymer that has driven significant progress in recent years in the study of the mechanical properties of composites, including cement composites. Impressive mechanical properties, ability to compact the cement matrix, low density, biodegradability, and hydrophilicity of the surface of nanocellulose particles (which improves cement hydration) are some of the many benefits of using NCs in composite materials. The authors briefly presented a description of the types of NCs (including the latest, little-known shapes), showing the latest developments in their manufacture and modification. Moreover, NC challenges and opportunities are discussed to reveal its hidden potential, as well as the use of spherical and square/rectangular nanocellulose to modify cement composites. Intending to emphasize the beneficial use of NC in cementitious composites, this article discusses NC as an eco-friendly, low-cost, and efficient material, particularly for recycling readily available cellulosic waste. In view of the constantly growing interest in using renewable and waste materials in a wide range of applications, the authors hope to provide progress in using nanocellulose (NC) as a modifier for cement composites. Furthermore, this review highlights a gap in research regarding the preparation of new types of NCs, their application, and their impact on the properties of cementitious composites. Finally, the authors summarize and critically evaluate the type, dosage, and application method of NC, as well as the effects of these variables on the final properties of NC-derived cement composites. Nevertheless, this review article stresses up-to-date challenges for NC-based materials as well as future remarks in light of dwindling natural resources (including building materials), and the principles of a circular economy.