Polymeric nanocomposites (PNC) have an outstanding potential for various applications as the integrated structure of the PNCs exhibits properties that none of its component materials individually possess. Moreover, it is possible to fabricate PNCs into desired shapes and sizes, which would enable controlling their properties, such as their surface area, magnetic behavior, optical properties, and catalytic activity. The low cost and light weight of PNCs have further contributed to their potential in various environmental and industrial applications. Stimuli-responsive nanocomposites are a subgroup of PNCs having a minimum of one promising chemical and physical property that may be controlled by or follow a stimulus response. Such outstanding properties and behaviors have extended the scope of application of these nanocomposites. The present review discusses the various methods of preparation available for PNCs, including in situ synthesis, solution mixing, melt blending, and electrospinning. In addition, various environmental and industrial applications of PNCs, including those in the fields of water treatment, electromagnetic shielding in aerospace applications, sensor devices, and food packaging, are outlined.