Metal matrix nanocomposites (MMNCs) are an emerging class of metals with nanosized reinforcements and have been investigated extensively in recent decades due to their promising properties for widespread applications such as aerospace, automotive, biomedical, and electronics. In this article, a comprehensive review is presented on the science and engineering aspects of MMNCs, especially the processing, microstructures, and properties of MMNCs. Common processing and manufacturing approaches and post‐processing of MMNCs are discussed. Recent advances in the unusual mechanical, physical, and chemical properties of MMNCs are reviewed. Furthermore, the latest progress on the fundamental study of interactions between nanoparticles and metals, including dispersion, pushing, and engulfment during solidification, nucleation, and phase control, is presented. It is worth noting that the exciting opportunities of nanotechnology‐enabled metallurgy (nanotech metallurgy), which have grown out of the domain of MMNCs recently, are also presented briefly.