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Nanostructured materials, whose characteristic microstructure size is under 100 nm, can be either single-phasenanocrystalline materials or multi-phase nanocomposite materials. Nanocrystalline materials can also be treated asnanocomposites with grain interior as matrix and grain boundary as secondary phase. The strengthening models ofnanostructured materials resemble those strengthening models of conventional composite structures, but havesubstantial deviations from conventional strengthening mechanisms due to their distinctive nanoscale structure andthe complex hierarchy of their nanoscale microstructure. This paper reviewed the current progress in developmentsof strengthening models for nanostructured materials with emphasis on single-phase nanocrystalline and multiphasenanocomposite materials, which would help guide the design of new nanostructured materials and othersimilar nanoscale composite structures. Furthermore, practical large scale industrial applications of high strengthnanostructured materials require these materials to possess decent formability, ductility or other functionalproperties to satisfy both structural and multifunctional applications. Therefore, the latest developments of novelnanostructured materials are discussed to highlight their potential of overcoming the strength ductility trade-off andstrength-conductivity trade-off by various approaches. Their complex and distinctive nanoscale microstructuresuggests the potential challenges and opportunities in developing new strengthening models for designing futureadvanced nanostructured materials with unprecedented properties.