The past few decades have seen extraordinary gain in interest for bio-based products, driven by the intensifying call of the society for petrochemical material replacement and developing materials with next-to-no environmental impact. Cellulose, which is an abundantly available "green" material, can be derived from plant fibers and tailored for a plethora of possible uses where it can be used as a substrate or as a filler material. However, emerging technologies and product advancements necessitate the search for materials that are small, biodegradable, lightweight, and strong. Nanocellulose, which can be obtained through as mechanical and chemical production methods with tensile strength and Young's modulus of up to 0.5 and 130 GPa, respectively, proves to be the answer that they were looking for. However, the inherent hydrophilic nature of nanocellulose limited its potential widespread application. Surface modifications of nanocellulose to alter and diminish its hydrophilicity were done to address the aforementioned issues. In this article, we had reviewed on different types of surface modifications and their resulting impact on the properties of nanocellulose and their effect on polymer composites. The importance of nanocellulose in emerging applications such as biosensor, nanoremediation, papermaking, and automotive as well as the current state of the industry and the commercialization progress of nanocellulose were also discussed.