In recent years, nanotechnology played a central role in research and has shown its significant impact on the field of medicine. Nanoparticles are more efficient than other bulk materials. Novel nanoparticles possess properties like high magnetic proneness; biocompatibility and chemical stability make them efficacious to be use in biomedical field as in treatment and diagnosis of various diseases, bioimaging, hyperthermia, drug delivery, gene delivery and photo ablation therapy. Although, nanotechnology is providing us benefits in many technology and industry sectors i.e., medicine, food safety, environmental science, information technology etc. but besides its positive aspects, it can prove to be a cause of nanotoxicity as well. The toxicity of nanoparticles can be assessed by their size, shape, surface charge, surface coating etc. Humans and cell cultures can be affected by nanoparticles as they can cause lipid peroxidation, oxidative stress, DNA damage and eventually cell death. This review article encompasses pros and cons of nanotechnology and focuses on an attempt to promote its advantageous use and to reduce its hazardous effects in different fields.