Nanocomposites, which exhibit unique properties and design possibilities, are experiencing rapid growth, particularly in engineering plastics and elastomers. This review provides an overview of three types of matrix nanocomposites: ceramic, metal, and polymer. It highlights the need for these materials, their processing methods, recent findings on structure, properties, and potential applications, including their use in future space missions. The review also discusses the environmental benefits of nanocomposites and their potential applications in various industries such as aerospace, automotive, electronics, and biotechnology. The text covers the challenges and opportunities in nanocomposite development, emphasizing the role of carbon nanotubes (CNTs) and other natural materials like clay-based minerals and lignocellulosic fibers. The processing methods, structural characteristics, and mechanical, thermal, and electrical properties of nanocomposites are discussed, along with their applications in lightweight spacecraft and rocket propellants. The review concludes by addressing the future perspectives, market potential, and safety aspects of nanocomposites.Nanocomposites, which exhibit unique properties and design possibilities, are experiencing rapid growth, particularly in engineering plastics and elastomers. This review provides an overview of three types of matrix nanocomposites: ceramic, metal, and polymer. It highlights the need for these materials, their processing methods, recent findings on structure, properties, and potential applications, including their use in future space missions. The review also discusses the environmental benefits of nanocomposites and their potential applications in various industries such as aerospace, automotive, electronics, and biotechnology. The text covers the challenges and opportunities in nanocomposite development, emphasizing the role of carbon nanotubes (CNTs) and other natural materials like clay-based minerals and lignocellulosic fibers. The processing methods, structural characteristics, and mechanical, thermal, and electrical properties of nanocomposites are discussed, along with their applications in lightweight spacecraft and rocket propellants. The review concludes by addressing the future perspectives, market potential, and safety aspects of nanocomposites.