With the upsurge in new technologies to obtain enhanced materials for specific applications, bionanocomposite materials have gained popularity as they combine the desirable properties of bio-based and nanomaterials. Amongst the numerous approaches to biocomposite material preparation is integrating biopolymers such as chitosan, starch, and cellulose with nanomaterials including carbon nanotube (CNT), graphene, and nanocellulose. To further improve the unique features of bionanocomposites, they are given special treatment through the concept of reinforcement where new materials are introduced into their structures to tailor their applications in engineering. Hybrid fibres and bioprepregs are prospects in bionanocomposite materials manufacturing. Bioprepregs, for instance, exhibit environmentally friendly characteristics due to their biodegradable nature, making them sustainable products worth integrating into hybrid fibre such as those obtained from natural or synthetic origins. Studies have identified numerous properties of composite materials, precisely reinforced bionanocomposites, and their prospects in high-performance products. Their properties such as high strength, lightweight, biodegradability, good thermal stability, high surface area, and excellent electrical conductivity and their successful application in various industrial sectors have been explored in past studies. Various hybrid fibre hybrid bionanocomposites such as cellulose-based, CNT-infused, and chitosan-reinforced have been prepared previously for applications such as structural reinforcement, smart textiles, and packaging purposes due to their improved strength, biodegradability, and flexibility properties. This chapter adds to the discourse by highlighting the advancements, innovative methods, applications, challenges, and prospects of bionanocomposites reinforced with bioprepregs and hybrid fibres in industrial applications. Potential safety issues concerning environmental impact, chemical, and nanoparticle exposure, with the application of bioprepregs and hybrid fibre-reinforced bionanocomposites, are also discussed. Lastly, the chapter concludes with some insights into promising areas for bioprepregs and hybrid fibre-reinforced bionanocomposites. Appropriate recommendations are also given for policy directions.