Over the past few years, thermoplastic nanocomposites reinforced with different types of nanofillers have seen widespread use in the automotive, pharmaceutical, food packaging and electronic sectors. Among the different nanofillers used to fabricate thermoplastic composite–based packaging materials, nanoclay and graphene are very beneficial for producing high‐barrier packaging materials. The high aspect ratio and large surface area of both nanoclay and graphene facilitate uniform filler dispersion and tortuous path in the thermoplastic matrix, which ultimately improves the physico‐mechanical, thermal and barrier to oxygen, water vapour and light as well as antimicrobial properties, which are key requirements for packaging materials. Because graphene nanomaterials are electrically and thermally conductive, these thermoplastic nanocomposites may display excellent electrical‐, thermal‐ and microwave‐shielding capabilities, allowing them to be used in electronic packaging. This review aims to summarize the preparation and characterization of thermoplastic nanocomposites based on different types of nanoclay, graphene and graphene derivatives, as well as their prospective applications in food and electronic packaging. This review paper also discusses the factors that can affect the performance and attributes of these packaging materials, such as processing conditions, types of nanofillers, functionalization or modification of nanofillers for better filler dispersion and so forth. This paper presents a comprehensive and state‐of‐the‐art article on nanoclay‐ and graphene‐loaded thermoplastic nanocomposite–based packaging materials.