In this paper, the application of polymer composites as a candidate material for thermal and electrical insulation was firstly introduced. Polyimide nanocomposites have drawn much attention as mechanical, thermal, and electrical insulation materials because of its superior dielectric, thermal, and corona resistance behaviours. Thus, polyimide nanocomposites are described as substance of polyimide matrix reinforced with certain weight percent content of nanofillers. Several researches have demonstrated the utilization of polyimide nanocomposites in mechanical, thermal, and electrical applications. However, the nanocomposites are noted facing interfacial bonding issues, which have affected their mechanical performance for thermal and electrical insulation behaviours. The dielectric properties and corona resistance lifetime of the polyimide nanocomposites are reportedly deteriorated over a long term exposure to high temperature condition. There has been advancement on improving the mechanical, thermal and electrical characteristics of polyimide nanocomposites for multifunctional insulations. Hence, this paper summaries the influence of nanofillers, such as alumina (Al2O3), silica (SiO2), titanium dioxide (TiO2), graphene (GN), nanotubes (NTs), boron nitride (BN), and some other fillers on the mechanical, thermal, and electrical properties of polyimide nanocomposites for insulation applications. As the study offers great insight into the improvement and selection of polyimide nanocomposites material for mechanical, thermal, and electrical insulation, the authors concluded the study with advancement, challenges and recommendations for future improvement of polyimide nanocomposites as an insulation material.