Free identical nanoobjects include metals, semiconductors, magnetic materials, polymers, bio molecules, are integrated together to form as multifunctional nanomaterials (MFNs), in which more than one behaviour can be rendered simultaneously. This summary showcases their exciting properties which are providing the emerging properties in applications like visualizing and targeting in drug delivery, recoverable and reusable photocatalytic materials. Various application areas, where the multifunctional nanomaterials are now getting the constant place in cutting edge technologies, are highlighted. And also in this, various multifunctional materials and their criteria involving during the integration of assorted materials based on their properties and to be applied according to the requirements of the applications are also explained in detail.