Advanced materials were used and are being implemented in structural, mechanical, and high-end applications. Contemporary materials are used and being implemented in structural, mechanical, and high-end applications. Composites have several major capabilities, some of them being able to resist fatigue, corrosion-resistance, and production of lightweight components with almost no compromise to the reliability, etc. Nanocomposites are a branch of materials within composites, known for their greater mechanical properties than regular composite materials. The use of nanocomposites in the aerospace industry currently faces a research gap, mainly identifying the future scope for application. Most successes in the aerospace industry are because of the use of suitable nanocomposites. This review article highlights the various nanocomposite materials and their properties, manufacturing methods, and their application, with key emphasis on exploiting their advanced and immense mechanical properties in the aerospace industry. Aerospace structures have used around 120,000 materials; herein, nanocomposites such as MgB 2 , multi-walled carbon nanotubes, and acrylonitrile butadiene styrene/montmorillonite nanocomposites are discussed, and these highlight properties such as mechanical strength, durability, flame retardancy, chemical resistance, and thermal stability in the aerospace application for lightweight spacecraft structures, coatings against the harsh climate of the space environment, and development of microelectronic subsystems.