Nanocellulose (NC) is considered as promising biomaterial owing to its stiffness, renewability, high strength, and biodegradability. NC is classified into three types such as cellulose nanocrystals (CNCs), bacterial nanocellulose (BNC), and cellulose nanofibers (CNFs), and they differ with each other in terms of size, mechanical behaviour, morphology, and crystallinity. The development of biocomposites with nanocellulose as reinforcing agent has gained much attention among researchers owing to their promising applications in various sectors. The thermal, mechanical, and biodegradable properties of both synthetic and natural polymers can be enhanced by reinforcing them with nanocellulose. The fabrication of NC-based biocomposites can be achieved by employing different techniques such as solution casting, resin impregnation and melt compounding methods. The porosity, tensile modulus, tensile strength, MVTR (moisture-vapour transmission rate), biocompatibility, hydrophilic, water retention ability, bio-adhesiveness and hemocompatibility are the essential properties of tissue engineering scaffolds and wound dressing materials, and these properties can be optimized by reinforcing them with NC. This review intends to focus on the reinforcing effect of NC on the physicochemical and thermo-mechanical characteristics of NC-based biocomposites. This review also aims to summarize the utilization of NC-based biocomposites in tissue engineering scaffolds and wound dressing applications.