Spectral and localization properties of electromagnetic wave propagation in fractal nanostructures have been reviewed and summarized. Quarter-wave binary multilayer structures have been chosen as a simplest model that would allow to isolate effects pertaining to the geometrical organization of the structure. Intra-and intergeneration scaling relations have been obtained and compared to those known for quasiperiodic structures. Localization patterns have been shown to have an intermediate form between extended and localized eigenstates.