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As the aerospace industry seeks sustainable alternatives to traditional aviation, electric aircraft have emerged as a promising solution to reduce carbon emissions and reliance on fossil fuels. Central to this transition is the development and integration of advanced materials that enhance the performance and efficiency of these next-generation aircraft. Compound materials possess various significant abilities, including the capability to withstand fatigue, resist corrosion, and manufacture lightweight components with minimal compromise to reliability, among others. Nanocomposites constitute a subset of materials within compounds, recognized for their superior mechanical properties compared to standard composite materials. The utilization of nanocomposites in the aerospace sector is presently encountering a research gap, primarily in identifying future application scopes. This paper reviews the critical role of carbon fiber composites and nanocomposites in electric aviation, highlighting their transformative impact on aircraft design, battery integration, and overall sustainability. By offering unparalleled strength-to-weight ratios, superior thermal management, and innovative structural possibilities, these materials significantly advance the capabilities of electric aircraft. Furthermore, it discusses the advancements in material technology, including high-temperature composites, hybrid composites, and nanocomposite materials, and addresses the challenges and future directions in composite application. The paper underscores the pivotal role of composite materials in achieving a greener, more efficient, and technologically advanced aerospace industry, marking a significant step towards sustainable air transportation.