Polymeric hybrid nanocomposites, due to improved mechanical, thermal, and electrical properties, are key factors in recent technologies. Because of anisotropic characteristics of polymeric hybrid nanocomposites, mechanical properties and their behavior are very difficult to predict. If they are fabricated with complicated woven fabric patterns, it becomes more difficult to predict. This review discusses in detail the properties and manufacturing methods of various fibers, focuses on different manufacturing, processing, and characterization techniques used for polymeric hybrid nanocomposites. Theoretical composite models and some recent advances in modeling and simulation techniques for polymer nanoparticle composites are discussed and thus this review can provide significant guidelines for the development of manufacturing, characterization, testing, modeling, and simulation techniques for high performance hybrid polymer nanocomposites as current state of art.