Nanocomposites are substances that incorporate nanoparticles (0.5-5% by weight) into a matrix of standard material, which enhances the mechanical strength, toughness including thermal or electrical conductivity and other properties. Nanocomposites are versatile in terms of their applications such as anti-corrosive, healing of bones, sensors, environmental protection, packaging, wastewater treatment, and diagnosis of tumors and other diverse uses. They may be fabricated by blending nanofillers with a polymer to produce a composite. The current trend of processing is by polymerizing monomers. Nanocomposites serve as sustainable solutions to curb global issues. Evaluation is performed on properties such as mechanical, thermal, dispersion, and toxicological. Some marketed products of nanocomposites include In Mat (coating), FiltekZ350 XT by 3M (tooth fillers), chitosan/organic rectorite nanocomposite films (bactericidal activity), graphene oxide/Carboxymethylcellulose (targeted drug delivery of anti-cancer drug doxorubicin), MD1 Flex, Nano Clean MD1, Plactive TM (Antimicrobial nanocomposites) and NovaProTM(Tooth fillers). This article discusses about Nanocomposites–their types, preparation methods, recent research and applications.