Nanocrystalline materials, with a grain size of typically <100 nm, are a new class of materials with properties vastly different from and often superior to those of the conventional coarse-grained materials. These materials can be synthesized by a number of different techniques and the grain size, morphology, and composition can be controlled by controlling the process parameters. In comparison to the coarse-grained materials, nanocrystalline materials show higher strength and hardness, enhanced diffusivity, improved ductility/toughness, reduced, density, reduced elastic modulus, higher electrical resistivity, increased specific heat, higher coefficient of thermal expansion, lower thermal conductivity, and superior soft and hard magnetic properties. Limited quantities of these materials are presently produced and marketed in the US, Canada, and elsewhere. Applications for these materials are being actively explored. The present article discusses the synthesis, structure, thermal stability, properties, and potential application of nanocrystalline materials.