Applications of liquid crystals continue to expand. They include conventional and advanced liquid crystal displays, electrically controlled lenses, tunable optical elements such as filters, light shutters, waveplates, and spatial light modulators, smart windows and sensors, and reconfigurable antennas and microwave devices, to name a few. As a rule, liquid crystal devices are controlled by applying an external electric field. This field reorients liquid crystals in a desirable way thus leading to the tunability of their physical properties. The electric-field induced reorientation of liquid crystals can be affected by ions typically present in molecular liquid crystals. In the case of liquid crystal displays, ions in liquid crystals can lead to image sticking, reduced voltage holding ratio, and altered electro-optical performance. Therefore, the development of efficient ways to better control ions in liquid crystal devices is of utmost importance to existing and future liquid crystal technologies. In this paper, we discuss how nanomaterials can affect the electrical properties of molecular liquid crystals. In general, nanomaterials in molecular liquid crystals can behave as ion capturing objects or act as a source of ions. Ion-capturing nanomaterials in molecular liquid crystals can enhance their electrical resistivity. On the other hand, ion-releasing nanoparticles can lead to the opposite effect. By considering the competition between two nanoparticle-induced ionic processes, namely the ion capturing and ion releasing effects, the electrical resistivity of liquid crystals can be controlled in a desirable way.