In this review, we present the polyoxometalate ( POM )‐mediated synthesis of nanomaterials and their performance as catalysts. Various nanomaterials have been successfully synthesized in a facile process using POMs as a reducing and stabilizing agent. The reduction of metal ions was effected by the reduced POMs , which converted their oxidation state without structural change. The presence of POMs on the nanomaterials was confirmed through a variety of analytical methods. The alteration of the size and morphology of nanomaterials was observed to be controlled by the molar ratio of metal salt to the POMs . The synthesized nanomaterials showed good catalytic activity, which could be used as multifunctional catalysts.