Machining tools are used in many areas of production. To a considerable extent, the performance characteristics of the tools determine the quality and cost of obtained products. The main materials used for producing machining tools are steel, cemented carbides, ceramics and superhard materials. A promising way to improve the performance characteristics of these materials is to design new nanocomposites based on them. The application of micromechanical modeling during the elaboration of composite materials for machining tools can reduce the financial and time costs for development of new tools, with enhanced performance. This article reviews the main groups of nanocomposites for machining tools and their performance.