Bi-component hard (H) (hexaferrite) and soft (S) (spinel) ferrites nanocomposites are gaining interest scientifically and technically, not only for combining the high magnetization of spinel ferrite nanomaterials and the high coercivity of hexaferrite magnetic nanomaterials but also for the outstanding exchange-coupling behavior among hard and soft magnetic phase. The improved magnetic features lead to produce a new nanocomposite with higher microwave absorption capacity in comparison with ferrites with a single absorption mechanism. Exchange-coupled effect has a potential application based on microwave absorption, recording media, permanent magnets, biomedical and other applications. Intensive studies have been conducted on this topic to produce hard/soft (H/S) ferrite nanocomposites with establishment of exchange coupled effect between the two phases. Preparation methods, microstructure, magnetics features, microwave and dielectric properties, and applications are elaborated. Consequently, a comprehensive effort has been made to contain an original reference investigating in detail the precise outcomes of the published papers.