Great effort has recently been made to develop noble‐metal nanomaterials with good activity, high durability, and appropriate selectivity to improve their efficiency in functional applications, while maintaining low cost. The use of noble metals not only makes the last requirement hard to meet but also restricts stability at high temperatures and limits mass production. Recently, some promising strategies, such as optimizing the components and fine‐tuning the structure, have been explored, which promise to enable the fabrication of unique noble‐metal nanostructures with lower loading and higher stability. Herein, recent achievements in manufacturing noble‐metal composites are reviewed, particularly focusing on unique and key factors in rational design and control of structure and components. Two applications of noble‐metal composites in optical and catalytic applications are focused on to illustrate their rational synthesis and design. In addition, current challenges and prospects for future development in this rapidly blossoming field are discussed.