The invention is directed to a method of forming, producing or manufacturing functionalized nanomaterials, and, specifically, soluble functionalized nanomaterials. The presently described invention also relates to nanomaterial-based composites consisting of a target material, which can include ceramic, polymer, or metallic matrices incorporated into or grown on nanomaterials, as well as a method or synthesis technique for the formation, production, or manufacture of nanomaterial-based composites through microwave-induced reaction.