The aim of this article is to provide an overview of nanofibers' properties, functionality enhancement, and applications. In order to achieve this, the significant properties of nanofibers were first demonstrated. Based on this demonstration, it was concluded that nanofibers have potential use for a wide range of applications. Additionally, the functionality enhancements of nanofibers through their physical and chemical modifications were reviewed. This functionality enhancement process helps to effectively apply the nanofibers in the engineering and medical fields. The applications of nanofibers in different hi‐tech engineering and medical fields were described. This article identified various gaps and limitations associated with nanofibers' applications and suggested further research directions. Based on this article, it has been found that nanofibers could be produced with several properties and structures including shape, size, and strength. As a result, nanofibers could be applicable in high‐tech engineering and medical sectors such as tissue engineering, sensors, and enzyme carrier. As nanofiber is a porous media, the applicability of nanofibers could be widened in different fields like protective apparel, lightweight military products, and so on. This article can help polymer engineers to improve and extend the applicability of nanofibers in evolving engineering and medical fields. In turn, this article could help to advance the field of high‐tech engineering and medical field for better human life.