Multiple Sclerosis (MS) -the most common autoimmune disease of the central nervous system -is traditionally diagnosed by methods mainly using magnetic resonance techniques to detect the lesions. Use of nanoparticles as the contrast agents can help in better diagnosis of the damaged cells. Iron nanoparticles are used in various advanced techniques like superparamagnetic iron oxide nanoparticles (SPIONs) and ultra-small SPIONs (USPIONs). The major challenge in treatment of MS is the delivery of the drug into the brain, crossing the blood brain barrier (BBB). Nanoparticles like liposomes, nanoshells, dendrimers, nanogels, micelles have potential applications in the same. Presently, no significant treatment is devoid of side effects like fever, headache and fatigue, Use of nanoscience in MS in drug delivery and treatment can help solve the prevailing inadequacies. Administered quantum dots conjugated with self-antigens act on lymph nodes and spleen. These assemblies produce regulatory T-cells which prevent degeneration of myelin sheath. New studies study modifications to produce inflammation-resistant myelin by inducing response in lymph nodes during T-cell priming. This review aims to briefly describe the application of nanotechnology in diagnosis, drug delivery and treatment of MS.