This chapter provides an overall review on the latest progress in the research and development of bionanocomposites that are utilized in various applications such as packaging, durable goods, electronics and biomedical applications. The rise of biobased materials is guided by its renewability, low carbon footprint and biodegradability issues and by virtue of which vast applications of these materials are already available. The bionanocomposites provides a better alternative for the various drawbacks which can be found in the biobased polymer matrix materials. Some of the issues of low strength, poor barrier properties, hydrophilicity, low thermal stability and conductivity can be addressed by the development of bionanocomposites. The chapter will begin with the introduction and recent advances in the development of biobased materials from renewable resources and their usefulness. In the very next part, many types of bionanocomposites based on these fillers i.e. nanocellulose, carbon nanotubes and nanoclays, are discussed. This review also presents up-to-date progress in this area in terms of processing technologies, product development and applications.