In recent years, attempts to improve the mechanical properties of composites have increased remarkably owing to the inadequate utilization of matrices in demanding technological systems where efficiency, durability, and environmental compatibility are the key requirements. The search for novel materials that can potentially have enhanced mechanical properties continues. Recent studies have demonstrated that two-dimensional (2D) nanomaterials can act as excellent reinforcements because they possess high modulus of elasticity, high strength, and ultralow friction. By incorporating 2D nanomaterials in a composite, 2D nanomaterial-based composites (2DNBCs) have been developed. In view of this, a critical review of recent mechanical and tribological studies based on 2DNBCs has been undertaken. Matrices such as polymers, ceramics, and metals, as well as most of the representative 2D nanomaterial reinforcements such as graphene, boron nitride (BN), molybdenum disulfide (MoS2), and transition metal carbides and nitrides (MXenes) have been included in this review. Their preparation strategies, intrinsic mechanical properties, friction and lubrication performances, strengthening mechanisms, influencing factors, and potential applications have been comprehensively discussed. A brief summary and prospects are given in the final part, which would be useful in designing and fabricating advanced 2D nanocomposites in the future.