Polymers have had an enormous impact on science and technology, and their interest relating to the development of new macromolecular materials has exponentially increased. Polymer nanocomposites, materials based on a polymeric matrix covalently coupled to reinforcement, display properties of both components. In the aerospace industry, polymer nanocomposites are attractive due to their promising characteristics, among which lightness, mechanical and thermal resistance, radiation and corrosion resistance, and conductive and magnetic properties stand out. The use of them, instead of metal-based materials, has allowed the optimization of design processes and applications in order to provide safer, faster, and eventually cheaper transportation in the future. This comparative review collects the most relevant and prominent advances in the development of polymer nanocomposites with aerospace applications starting from basic aspects such as the definition of polymer nanocomposite to more specialized details such as synthesis, characterization, and applications, in addition to proposing new research branches related to this topic.