Polyester is a versatile commercially significant polymer (thermoplastic/thermoset) well-known for its biodegradability and excellent thermal, mechanical, and chemical properties. Synthetic aromatic polyester resins usually have better moisture resistance, nonflammability, liquid crystal, strength, thermal, and environmental features compared with natural/aliphatic polyesters. Nanofillers can reinforce these important polymers to further enhance the final nanocomposite structural and physical characteristics. This review presents research devoted to polyester nanocomposites with essential nanofillers such as; nanodiamond, fullerene, carbon nanotube, graphene, and graphene oxide. High-performance polyester/nanocomposites have been developed based on modified polyester design, nanofiller functionality, and optimized interaction between matrix and nanofiller. This article also presents state-of-the-art technological development in the field of polyester/nanocomposites predominantly in supercapacitors, fuel cells, shape memory materials, electromagnetic shielding materials, textiles, and biomedical appliances. Furthermore, future scenarios in scientific development of these nanocomposites are discussed.