Nanomaterials have demonstrated significant potential in enhancing the performance and functionality of composite materials across various industrial applications. This review delves into the unique properties of nanomaterials, with a particular focus on carbon-based nanomaterials, and presents key findings on their effectiveness in improving composite performance. The study emphasizes specific nano-based composite materials, highlighting their substantial promise in advancing the field of nanocomposites. Additionally, it addresses the challenges associated with the production and utilization of nanocomposite materials and discusses potential solutions to overcome these obstacles. The review concludes with recommendations for further research and innovation in nanocomposites to fully harness the advantages of these advanced materials for broader future applications.