Heterogeneous materials in which the characteristic length scale of the filler material is in the nanometer range-i.e., nanocomposites-is currently one of the fastest growing areas of materials research. Polymer nanocomposites have expanded beyond the original scope of polymer-nanocrystal dispersions for refractive-index tuning or clay-filled homopolymers primarily pursued for mechanical reinforcement, to include a wide range of applications. This article highlights recent research efforts in the field of structure formation in block copolymer based nanocomposite materials, and points out opportunities for novel materials based on inclusion of different types of nanoparticles. The use of block copolymers instead of homopolymers as the matrix is shown to afford opportunities for controlling the spatial and orientational distribution of the nanoelements. This, in turn, allows much more sophisticated tailoring of the overall properties of the composite material.