The world becomes smaller and smaller due to the development of nanotechnology. The term nanotechnology defines the performance on a nanometer scale with many applications. Nanocomposites are materials made of different components and mixed at nanoscale which draws unusual properties with unique design possibilities. In this present work, various recent applications of nanocomposites were discussed. The potential of nanocomposites is used in various areas ranging from food packaging to biomedical applications. Nanocomposites are environment-friendly so they offer new technology and business opportunities for several sectors of the aerospace, automotive, electronics and biotechnology industries, medical, food industries etc.,