A new approach to grain boundary engineering (GBE) for high performance nanocrystalline materials, especially those produced by electrodeposition and sputtering, is discussed on the basis of some important findings from recently available results on GBE for nanocrystalline materials. In order to optimize their utility, the beneficial effects of grain boundary microstructures have been seriously considered according to the almost established approach to GBE. This approach has been increasingly recognized for the development of high performance nanocrystalline materials with an extremely high density of grain boundaries and triple junctions. The effectiveness of precisely controlled grain boundary microstructures (quantitatively characterized by the grain boundary character distribution (GBCD) and grain boundary connectivity associated with triple junctions) has been revealed for recent achievements in the enhancement of grain boundary strengthening, hardness, and the control of segregation-induced intergranular brittleness and intergranular fatigue fracture in electrodeposited nickel and nickel alloys with initial submicrometer-grained structure. A new approach to GBE based on fractal analysis of grain boundary connectivity is proposed to produce high performance nanocrystalline or submicrometer-grained materials with desirable mechanical properties such as enhanced fracture resistance. Finally, the potential power of GBE is demonstrated for high performance functional materials like gold thin films through precise control of electrical resistance based on the fractal analysis of the grain boundary microstructure.