Various boron nitride (BN) and carbon (C) nanocage fullerene materials (clusters, metallofullerenes, onion, nanotubes and nanocapsules) were synthesized by arc-melting, electron-beam irradiation, chemical reaction, and self-organization. Atomic structures and structural stability of these materials were investigated by high-resolution electron microscopy, energy dispersive spectroscopy, electron energy-loss spectroscopy, molecular mechanics, molecular dynamics and molecular orbital calculations. Photoluminescence, magnetic and electronic properties of these fullerene materials were also investigated. The present work indicates that the new BN and C nanocage fullerene materials with various atomic structures and properties can be produced by various synthesis methods, and a guideline for designing the BN and C fullerene materials is summarized.