Nanoscale metallic multilayers have been shown to have a wide range of outstanding properties, which differ to a great extent from those observed in monolithic films. Their exceptional properties are mainly associated with the large number of interfaces and the nanoscale layer thicknesses. Many studies have investigated these materials focusing on magnetic, mechanical, optical, or radiation tolerance properties. Thus, this review provides a summary of the findings in each area, including a description of the general attributes, the adopted synthesis methods and most common characterization techniques used. This information is followed by a compendium of the material properties and a brief discussion of related experimental data, as well as existing and promising applications. Other phenomena of interest, including thermal stability studies, self-propagating reactions and the progression from nano multilayers to amorphous and/or crystalline alloys, are also covered. In general, this review highlights the use of nano multilayer architectures as viable routes to overcome the challenges of designing and implementing new engineering materials at the nanoscale.