Thermo-resistant nanoalloys are a new class of materials that combine high-temperature refractory compounds (such as carbides, nitrides, borides, and oxides) with nanoscale particles of metals, ceramics, or carbon. These composites exhibit remarkable thermal stability and anti-ablation/oxidation properties, making them highly attractive for various high-temperature applications in aerospace, energy, and high-temperature manufacturing. Despite their potential, the fabrication of these materials is challenging due to their complex synthesis and processing. Many researchers have summarized the challenges and suggested solutions to produce high-density, superior physicochemical properties of nano refractory materials for specific applications. Thus, in view of these perspectives, the present review provides an overview of the production criteria, processing, and synthetic routes for producing high-temperature nano refractory material composites with exceptional thermal and anti-ablation/oxidation properties. The review also highlights the challenges encountered by researchers and their solutions for fabricating these materials. Potential applications of high temperature refractory materials are found in various industries, such as refractory ceramics, high-temperature components in wear resistant, neutron shielding, and high power-density microelectronics manufacturing to name a few.