Today is the era of nanoscience and nanotechnology, which find applications in the field of medicine, electronics, and environmental remediation. Even though nanotechnology is in its emerging phase, it continues to provide solutions to numerous challenges. Nanotechnology and nanoparticles are found to be very effective because of their unique chemical and physical properties and high surface area, but their high cost is one of the major hurdles to its wider application. So, the synthesis of nanomaterials, especially 2D nanomaterials from industrial, agricultural, and other biological activities, could provide a cost-effective technique. The nanomaterials synthesized from such waste not only minimize pollution, but also provide an eco-friendly approach towards the utilization of the waste. In the present review work, emphasis has been given to the types of nanomaterials, different methods for the synthesis of 2D nanomaterials from the waste generated from industries, agriculture, and their application in electronics, medicine, and catalysis.