Electrocaloric refrigeration represents an alternative solid-state cooling technology that has the potential to reach the ultimate goal of achieving zero-global-warming potential, highly efficient refrigeration, and heat pumps. To date, both polymeric and inorganic oxides have demonstrated giant electrocaloric effect as well as respective cooling devices. Although both polymeric and inorganic oxides have been identified as promising cooling methods that are distinguishable from the traditional ones, they still pose many challenges to more practical applications. From an electrocaloric material point of view, electrocaloric nanocomposites may provide a solution to combine the beneficial effects of both organic and inorganic electrocaloric materials. This article reviews the recent advancements in polymer-based electrocaloric composites and the state-of-the-art cooling devices operating these nanocomposites. From a device point of view, it discusses the existing challenges and potential opportunities of electrocaloric nanocomposites.