The unique properties of nanocomposites have revolutionized the field of materials science. Polyhedral oligomeric silsesquioxane (POSS) is one of the widely used nanostructured materials for the synthesis of hybrid nanocomposites. POSS nanocrystals have been incorporated as building blocks of controllable shapes into polymers to form hybrid materials exhibiting improved properties. A variety of polymerization techniques have been used in the preparation of POSS‐containing hybrids. Incorporation of POSS into polymers can result in substantial improvement in physical properties of the polymers, such as low dielectric constants, increased glass‐transition temperatures, low coefficient of thermal expansion, enhanced thermal stability, mechanical strength, as well as improved oxidation resistance and reduction in flammability, oxygen permeability, heat evolution, and viscosity during processing. The most interesting POSS‐polymer has been the development of POSS–poly(carbonate‐urea)urethane that is used in medical applications owing to its enhanced biocompatibility and antithrombogenesity. These composites are materials of choice in the fabrication of various cardiovascular devices, such as artificial heart valves, stent‐grafts, bypass grafts, microvascular beds, and other biomedical devices including breast implants, and as scaffolds for tissue engineering.