Ultrathin two-dimensional (2D) nanosheets of layered transition metal dichalcogenides (TMDs), such as MoS2, TiS2, TaS2, WS2, MoSe2, WSe2, etc., are emerging as a class of key materials in chemistry and electronics due to their intriguing chemical and electronic properties. The ability to prepare these TMD nanosheets in high yield and large scale via various methods has led to increasing studies on their hybridization with other materials to create novel functional composites, aiming to engineer their chemical, physical and electronic properties and thus achieve good performance for some specific applications. In this critical review, we will introduce the recent progress in hybrid nanoarchitectures based on 2D TMD nanosheets. Their synthetic strategies, properties and applications are systematically summarized and discussed, with emphasis on those new appealing structures, properties and functions. In addition, we will also give some perspectives on the challenges and opportunities in this promising research area.