This Review article provides a report on progress in the synthesis, properties and catalytic applications of noble metal based composite nanomaterials. We begin with a brief discussion on the categories of various composite materials. We then present some important colloidal synthetic approaches to the composite nanostructures; here, major attention has been paid to bimetallic nanoparticles. We also introduce some important physiochemical properties that are beneficial from composite nanomaterials. Finally, we highlight the catalytic applications of such composite nanoparticles and conclude with remarks on prospective future directions.