Nanotechnology is a branch of science and engineering that involves the synthesis, modification, characterisation and application of nanoscale materials in diverse fields. They provide excellent surface coverage and are successfully used as corrosion inhibitors. However, most of the nanomaterials are not effective and require special treatments or modifications for proper anticorrosive activities. The present review article features the current approaches and practices that have been adopted to enhance the anticorrosive performance of nanoscale materials. One of the most growing interests in this direction is the use of covalently and non-covalently functionalised nanomaterials. The functionalised nanomaterials show remarkable improvement in corrosion protection performance. The covalently functionalised nanomaterials show better dispersibility and thereby better efficiency in aqueous electrolytes. In the anticorrosive formulations, nanomaterials avoid the penetration of corrosive species and thereby increase durability and corrosion inhibition. The nanomaterials in anticorrosive formulations also enhance weathering resistance, UV resistance, mechanical performance, thermal stability and hydrophobic property.