Nanocomposites are the most important field of research nowadays. Metal nanoparticles have attracted continuous interest owing to their unusual properties and potential uses in electronics, optics, magnetics, catalysts, and sensors. Green synthesis (for noble metals, such as, gold, silver, platinum, palladium, etc.) and characterization of nanoparticles have emerged as a significant field of nanotechnology. As a well-known noble metal, gold is widely investigated due to its specific impact in the fields of biotechnology and bioscience. Gold nanoparticles (GNP) being the most stable metal nanoparticles have the advantages of (a) easy synthesis, (b) colloidal stability, and (c) ability to be easily conjugated with biological molecules. Gold nanoparticles also present fascinating aspects such as the behavior of the individual particles, size-related electronic, magnetic and optical properties (quantum size effect), and their applications to catalysis and biology. A large number of polymer molecules were selected to decorate the surface of gold nanoparticles in physical or chemical ways for different purposes. Gold nanoparticle-reinforced nanocomposites were prepared using different polymer matrices for different types of applications such as catalytic applications, optoelectronic and magneto-optic applications, biological, medicinal applications, etc.