The thrust to invent new materials and technology has been ever increasing due to technological challenges in progressive world. Among new materials, nanomaterials possess superior optical, electrical, magnetic, mechanical, and thermal properties, which have made them suitable for a multitude of applications. The present review paper deals with recent advances in properties of nanostructured glasses and composites in terms optical, electrical, mechanical and thermal properties. A brief discussion has been done on fabrication method of nanostructured glasses. The review of optical properties shows that nanostructured glasses show both direct and indirect band gap and this tuning of band gap depends on extent of nano structuring of samples. The electrical properties also show enhancement in electrical conductivity on nano-structuring of glasses compared to their bulk counterparts. The changes in mechanical and thermal properties of nanostructured glasses and composites are attributed to many microstructural features like grain size and shape, their distribution, pores and their distribution, other flaws/defects and their distribution, surface condition, impurity level, second phases/dopants, stress, duration of its application and temperature effect on the samples. Literature reports that nano structuring leads to enhanced phonon boundary scattering which reduces the thermal conductivity.