The proper functioning of automotive brake pads is of utmost importance to ensure the safety of passengers. Therefore, brake pad materials must be chosen with utmost precision and care to ensure their optimal functioning for long durations. Through a thorough literature review, it is found that the materials used currently for this purpose pose multiple discrepancies. Therefore, it is imperative to shift our focus towards nanomaterials, as they are one of the essential novel materials in this field. This study discusses the multiple constituents used in commercial brake pads, their role in improving and stabilizing their operation, and their desired properties to achieve optimal functioning. Parallelly, this study also reviews some of the potential organic and carbon nanomaterials that could prove to provide tough competition to currently utilized materials for brake pad applications. From this review, the major future commercial brake pad materials obtained include the likes of banana peel powder, crab shell powder, coconut fibers, stark corn fibers, metal oxide composites, metal nitride composites, multiwalled carbon nanotubes, and hybrid nanocomposites. These materials are studied on the basis of their performance under high-frictional force applications and analyzed by considering their mechanical, chemical, thermal, and tribological properties. Carbon nanotube-based composites showed improved tribological and braking performances making them more attractive than the materials in commercially available brake pads. In addition to these, the effects of usage of such nanomaterials on the environment and health are reviewed, in order to understand the feasibility of utilization of nanomaterials in automotive brake pad applications. From this analysis, this work suggests that there are a variety of nanomaterials that prove to be capable of automotive brake pad applications and, with further research and technological developments, would prove to be an asset to the automotive brake pad industry.