Nanocrystalline materials, which are expected to play a key role in the next generation of human civilization, are assembled with nanometre-sized “building blocks” consisting of the crystalline and large volume fractions of intercrystalline components. In order to predict the unique properties of nanocrystalline materials, which are a combination of the properties of the crystalline and intercrystalline regions, it is essential to understand precisely how the structures of crystalline and intercrystalline regions vary with decrease in crystallite size. In addition, study of the thermal stability of nanocrystalline materials against significant grain growth is both scientific and technological interest. A sharp increase in grain size (to micron levels) during consolidation of nanocrystalline powders to obtain fully dense materials may consequently result in the loss of some unique properties of nanocrystalline materials. Therefore, extensive interest has been generated in exploring the size effects on the structure of crystalline and intercrystalline region of nanocrystalline materials, and the thermal stability of nanocrystalline materials against significant grain growth. The present article is aimed at understanding the structure and stability of nanocrystalline materials.