Clay can be counted among the most widely investigated and commercially high demand filler in the polymer industry. Recently there has been a growing interest for the development of polymer/clay nanocomposites due to their superior properties compared to conventional filled polymers even at a very low fraction of filler addition. The easy availability, processability, low cost, and nontoxicity of clay and the advancements in the processing of clay nanocomposites have invited a lot of commercial attention for these materials. The value-added properties enhanced without sacrificing of pure polymer properties make the clays more and more important in the modern polymer industry. Today it finds a wide range of applications ranging from household items to aerospace to medicine. This chapter looks at the chemical and physical aspects of this wonderful material, clay/polymer nanocomposite processing techniques, and the commercial importance of these nanocomposites.