The continuous advancement of modern weaponry has intensified the pursuit of next-generation ballistic protection systems that integrate lightweight architectures, superior flexibility, and high energy absorption efficiency. This review provides a technological overview of current trends in the design, processing, and performance optimization of metallic, ceramic, polymeric, and composite materials for ballistic applications. Particular emphasis is placed on the role of advanced surface coatings and nanostructured interfaces as enabling technologies for improved impact resistance and multifunctionality. Conventional materials such as high-strength steels, alumina, silicon carbide, boron carbide, Kevlar^®, and ultra-high-molecular-weight polyethylene (UHMWPE) continue to dominate the field due to their outstanding mechanical properties; however, their intrinsic limitations have prompted a transition toward nanotechnology-assisted solutions. Functional coatings incorporating nanosilica, graphene and graphene oxide, carbon nanotubes (CNTs), and zinc oxide nanowires (ZnO NWs) have demonstrated significant enhancement in interfacial adhesion, inter-yarn friction, and energy dissipation. Moreover, multifunctional coatings such as CNT- and laser-induced graphene (LIG)-based layers integrate sensing capability, electromagnetic interference (EMI) shielding, and thermal stability, supporting the development of smart and adaptive protection platforms. By combining experimental evidence with computational modeling and materials informatics, this review highlights the technological impact of coating-assisted strategies in the evolution of lightweight, high-performance, and multifunctional ballistic armor systems for defense and civil protection.