On the base of experience in development of Magnetic Powder Composites, and particularly Soft Magnetic Composites, authors are trying to systematize classification and indicate possible development prospective of Magnetic Nanocomposites (MN) technology and their applications in electrical converters. Clear classification and systematization, at an early stage of any materials and technology development, are essential and lead for better understanding and communication between researchers and industry involved. This concern MN as well and it seems to be the right time to make it at present stage of their development. Presented proposal of classification distinguishes various types of MN by their magnetic properties and area of possible applications. It is not a close set of types, and can be extended due to increase of knowledge concern these nanocomposites.