One of the most exciting areas in cancer therapy has been the area of biocompatible nanocomposites, which is essentially the melding of nanotechnology and materials science to create better drug delivery mechanisms, and subsequently more effective treatments. These nanocomposites, usually consisting of polymers, ceramics, and metals, can be engineered to release chemotherapeutics in a controlled fashion and to target only tumour cells so as to lessen systemic side effects. They are biocompatible so they are less toxic and with the addition of targeting ligands through functionalisation the drug delivery becomes more specific. New developments in the creation of these nanocomposites have shown promise in overcoming several limitations of contemporary medicine, namely drug resistance and low bioavailability. This article reviews the current literature on several types of biocompatible nanocomposites, their proposed methods of action against cancer, and the various clinical trials being conducted to evaluate their effectiveness and toxicity. These novel materials could very well play a major role in the future of cancer treatment, leading to more efficient and individualized approaches in cancer therapy.