This study reviews the concept, classifications, and techniques involved in the synthesis of nanocomposites. The environmental and health implications of nanoparticles and composite materials were detailed, as well as the applications of nanocomposites in water remediation, antibacterial application, and printed circuit boards. The study gave insights into the challenges of water pollution treatment and provided a broad list of nanocomposites that have been explored for water remediation. Moreover, the emergence of multi-drug resistance to many antibiotics has made current antibiotics inadequate in the treatment of disease. This has engineered the development of alternative strategies in the drug industries for the production of effective therapeutic agents, comprising nanocomposites with antibacterial agents. The new therapeutic agents known as nanoantibiotics are more efficient and have paved the way to handle the challenges of antibiotic resistance. In printed circuit boards, nanocomposites have shown promising applications because of their distinct mechanical, thermal, and electrical characteristics. The uniqueness of the write-up is that it provides a broad explanation of the concept, synthesis, application, toxicity, and harmful effects of nanocomposites. Thus, it will provide all-inclusive awareness to readers to identify research gaps and motivate researchers to synthesize novel nanocomposites for use in various fields.