Nanoscience has become a diverse and unique field of scientific and technical activity. Over the last few years, the research interest in nanomaterials/nanoparticles and their various applications in various electronic devices, effective optoelectronic devices, bio-sensors, photodetectors, solar cells, nanodevices and plasmonic structures have been increasing tremendously. The reasons are-the unique properties of nanostructures and the outstanding performance of nanoscale devices. At the nanoscale, a material’s property can change dramatically, with unique design possibilities and properties; they attract the attention of researchers worldwide. Nano-composites are those materials with a Nano-scale structure which improves the microscopic property of the products. Composite materials have combinations of two or several nanocomponents, which acquire new and unique characteristic properties that the individual constituents, by themselves, cannot obtain. There are number of various methods to synthesis various Nano-composites. Based on the literature survey, this review article explains a brief introduction of nanocomposites and their types, preparation methods and different diverse properties. It also describes the benefits and limitations of it and new challenges/future scope of the nanocomposites for the better future applications in different sectors.