Multifunctional flexible polymer composites have proliferated in different industries. MXenes, as the rising star of 2D materials, offer unique combinations of properties including metallic conductivity, hydrophilicity, high specific capacitance, and solution processability, as well as mechanical flexibility and robustness that accentuate them for the fabrication of multifunctional composites. 2D flake structure and abundant surface terminations of MXene facilitate its integration into polymer matrices to develop high-performance composites. Polyimides (PI) are high-temperature engineering polymers that have rendered their way into aerospace and electronics industries due to their outstanding mechanical strength, high chemical resistance, high thermal stability, excellent electrical and thermal insulation properties. Amalgamating the outstanding characteristics of these two materials, this paper is the first review to summarize advancements in PI/MXene nanocomposites to address the methods of preparation and the effect of MXene loading on the target application e.g., energy conversion and storage, electromagnetic interference shielding, sending, and fire-retardancy. Commencing with a brief introduction on PI and MXene synthetic methods, the nanocomposite fabrication methods are critically discussed. Next, a comprehensive review of the properties and applications of PI/MXene nanocomposites is provided. Lastly, based on the current developments of PI/MXene nanocomposites, this paper is concluded with the prominent characteristics of PI/MXene composites regarding the target application and identifying the gaps and challenges to develop multifunctional composites.