The first chapter of Advances in Nanotechnology. Volume 22 discusses the three major types of nanocomposites: metal, polymer, and ceramic matrix. Characteristics of different types of nanocomposites and their potential applications are presented briefly as well. Following this, the authors examine the increasing use of engineered nanomaterials in consumer and industrial products that has aroused global concern regarding their fate in biological systems, resulting in a demand for parallel risk assessment. This compilation also contains numerous approaches for targeted drug delivery systems using various options, particularly those involving the incorporation of nanocomposite materials. The basics on the Hubbard model in 1D and 2D and its applications in work on nanomaterials is presented. These applications concern electrical transport properties and optical properties of nanomaterials. The authors provide a review of recent research on the effect of various polymers incorporation in thin films on optical, structural, electrochemical and other properties of thin films. An overview of biocompatible and biodegradable polymer based bone scaffold materials is provided, along with their synthesis, characterization, applications, advantages and short comings in the field of biomedical engineering application. Besides the effect of porosity, pore size, interconnectivity, microstructure of the scaffold on bone tissue engineering are evaluated in this section. Later, the generalized structural-parametric model, the solution of the matrix equations of the multilayer electroelastic actuator for the mechatronics and the nanotechnology and the calculation their transfer functions are presented by the authors. The concluding chapter assesses some common multiscale methods developed while stating some of the computational merits in multiscale simulations compared to large-scale atomistic simulations.