The progress in nanocomposites is varied and used in many industries. Nanocomposites can be made with a variety of enhanced physical, thermal and other unique properties. They have properties that are superior to conventional microscale composites and can be synthesized using simple and inexpensive techniques. The addition of small amounts of nanoparticles to polymers has been able to enable new properties for the composite materials. In recent years polymer nanocomposites have received significant attention because of their importance both from academic and industrial point of view. Composites, Nanocomposites in general and Polymer nanocomposites in particular have been discussed. Different type of nanocomposites and their preparations have been reviewed in brief. Application of polymer nanocomposites for the removal of Cr(VI) from aqueous solution has been described taking the examples from the literature as well as our own results. It is found that nanocomposites can be used in an effective manner for the removal of Cr(VI), a highly toxic metal ion.