Recent advancements in material technologies have promoted the development of various preparation strategies and applications of novel polymer–nanoclay composites. Innovative synthesis pathways have resulted in novel polymer–nanoclay composites with improved properties, which have been successfully incorporated in diverse fields such as aerospace, automobile, construction, petroleum, biomedical and wastewater treatment. These composites are recognized as promising advanced materials due to their superior properties, such as enhanced density, strength, relatively large surface areas, high elastic modulus, flame retardancy, and thermomechanical/optoelectronic/magnetic properties. The primary focus of this review is to deliver an up-to-date overview of polymer–nanoclay composites along with their synthesis routes and applications. The discussion highlights potential future directions for this emerging field of research.