Nanocomposite coatings, i.e., a combination of nanocompounds, and a polymer matrix together with suitable additives and solvents is a very versatile method for producing multifunctional coatings. Some of the most desired coating properties have a high repellency to liquids (e.g., superhydrophobic and/or superoleophobic) and electrical and thermal conductivities. From a practical perspective, coatings that can be sprayed are very suitable for large-scale production, conformity, and reduced time and cost. Carbon-based, metallic, and ceramic are the three groups of nanocompounds commonly used to formulate spray-on nanocomposite coatings. In this invited feature article, we discuss the applications, advantages, and challenges of using such nanocompounds to produce coatings with good water repellency or/and elevated electrical or/and thermal conductivities. We also discuss the role of additives and solvents briefly in relation to the properties of the coatings. Important spraying parameters, such as stand-off distance and its influence on the final coating properties, will also be examined. Our overall aim is to provide a guideline for the production of practical multifunctional nanocomposites utilizing carbon-based, metallic, or ceramic nanoparticles or nanofibers that covers both aspects of in-air wettability and conductivity under one umbrella.