In the field of energy storage, recently investigated nanocomposites show promise in terms of high hydrogen uptake and release with enhancement in the reaction kinetics. Among several, carbonaceous nanovariants like carbon nanotubes (CNTs), fullerenes, and graphitic nanofibers reveal reversible hydrogen sorption characteristics at 77 K, due to their van der Waals interaction. The spillover mechanism combining Pd nanoparticles on the host metal-organic framework (MOF) show at room temperature uptake of hydrogen. Metal or complex hydrides either in the nanocomposite form and its subset, nanocatalyst dispersed alloy phases illustrate the concept of nanoengineering and nanoconfinement of particles with tailor-made properties for reversible hydrogen storage. Another class of materials comprising polymeric nanostructures such as conducting polyaniline and their functionalized nanocomposites are versatile hydrogen storage materials because of their unique size, high specific surface-area, pore-volume, and bulk properties. The salient features of nanocomposite materials for reversible hydrogen storage are reviewed and discussed.