During the last two decades, over more than five million research papers (articles, reviews, communications etc.) were published on nanocomposite materials. Most of them are excellent contributions that already mingle the readers’ and researchers’ interests; thus gaining many citations. This mini-review is focused on advancement in next-generation nanocomposite materials based on optical and sensing applications; and their practical execution. Some recent novel developments will be highlighted and future trends will be discussed. Nowadays, nanocomposite has ended up one of the most popular materials with potential usage in various scope, including packaging, automotive and aerospace industry, batteries with higher power output, flexible batteries, making lightweight sensors, in photocatalysis and making tumours easier to look at and to eliminate. New materials, viz. designed polymers, metal oxides, alloys, chalcogenides, nanostructured and hierarchical carbons, regularly induced researchers and engineers; to test and compare them with existing sensors of multifarious sorts. Nanocomposites not only offers’ the new technology and business opportunities in all sectors of the industry but also it tender innovations and new openings for all divisions.