Polyurethane and polystyrene are significant thermoplastic polymers having unique physical properties. This article considers the research trials on the fabrication, remarkable features, and technical applications of the polyurethane/polystyrene nanocomposites. The carbonaceous nano particles and inorganic nanofillers used with the polyurethane/polystyrene blend or copolymer are carbon nanotube, graphene, nanoclay, silica nanoparticles, and others. The considerable improvements in the physical properties of the polyurethane/polystyrene blend may occur through the nanofiller addition. The physical or covalent interactions between the blend or copolymer components and nanofillers may also positively affect the nanocomposite properties. The fabrication strategies used for the polyurethane/polystyrene nanocomposites include solution method, in situ method, melt blending, and several nanocomposite processing approaches. The structure, morphology, electrical conductivity, thermal stability, mechanical strength, and several other physical properties of the high performance polyurethane/polystyrene nanocomposites have been explored. Major application areas identified are shape memory, membrane, and gas transport properties.