Boron nitride (BN) is an eminent inorganic compound having many interesting characteristics such as improved oxidation resistance, mechanical strength, good thermal conductivity (TC), higher bandgap, high chemical stability, thermal stability, high hydrophobicity, and electrical insulation. The use of BN as a filler in polymers is a well‐established strategy to tailor the properties of polymer composites. Recent studies depict an interesting urge to reap the synergistic effect of various nanofillers with BN in the form of hybrids. Hence the consolidation of the works on BN based hybrid fillers would definitely attract researchers so that these new filler systems could be transformed into useful polymer nanocomposites in future. This review article focuses on the synthesis and characterization of various boron nitride based hybrids in detail. Moreover, the review also throws light on different BN hybrid reinforced polymer nanocomposites (PNCs) and their thermal, electrical, electronic as well as biomedical applications in a detailed manner. Thus the review anticipates serving as a tool toward understanding the recent trends in the field of boron nitride hybrid based ternary polymer composites.