For sustainable and responsible development of nanomaterials technology, the establishment of ethical system for sound social acceptance of the technology as well as the development of the technology itself is necessary. In this paper, global efforts to identify and resolve the ethical issues regarding nanotechnology is reviewed, in particular the environmental, health and safety issues in nanomaterials, and the tools such as communication and engagement of stakeholders, regulations, certifications and workplace guidelines are scrutinized. Finally the policy recommendations for the establishment of ethical systems for safe usage of nanomaterials.