The synthesis and assembly of nanoparticles using green technology has been an excellent option in nanotechnology because they are easy to implement, cost-efficient, eco-friendly, risk-free, and amenable to scaling up. They also do not require sophisticated equipment nor well-trained professionals. Bionanotechnology involves various biological systems as suitable nanofactories, including biomolecules, bacteria, fungi, yeasts, and plants. Biologically inspired nanomaterial fabrication approaches have shown great potential to interconnect microbial or plant extract biotechnology and nanotechnology. The present article extensively reviews the eco-friendly production of metalloid nanoparticles, namely made of selenium (SeNPs) and tellurium (TeNPs), using various microorganisms, such as bacteria and fungi, and plants’ extracts. It also discusses the methodologies followed by materials scientists and highlights the impact of the experimental sets on the outcomes and shed light on the underlying mechanisms. Moreover, it features the unique properties displayed by these biogenic nanoparticles for a large range of emerging applications in medicine, agriculture, bioengineering, and bioremediation.