Poly(furfuryl alcohol) (PFA) is a thermally cross-linked polymer that is synthesized from furfuryl alcohol (FA) derived from renewable saccharidic resources. The monomer FA is liquid at room temperature and has high solubility in water and many organic solvents, and its polymerization can be carried out under flexible conditions. Therefore, PFA has been very attractive as a precursor for PFA nanocomposites and carbon materials. This paper reviews research works concerning the use of PFA in the preparation of nanostructured carbons, PFA-based nanocomposites, and carbon-based nanocomposites. Specifically, structural evolution and properties of PFA during carbonization, and fabrication of nanoporous carbons through nanocasting process, are introduced. PFA-derived nanostructured carbons used as molecular sieve adsorbents, membranes, catalysts, and components for electrochemical and electronic devices, etc., are covered. The recent development for the fabrication and application of PFA-based nanocomposites is highlighted. Finally, future research into this topic is briefly discussed.