The synthesis and study of so-called "nanoparticles", particles with diameters in the range of 1-20 nm, has become a major interdisciplinary area of research over the past 10 years. Semiconductor nanoparticles promise to play a major role in several new technologies. The intense interest in this area derives from their unique chemical and electronic properties, which gives rise to their potential use in the fields of nonlinear optics, luminescence, electronics, catalysis, solar energy conversion, and optoelectronics, as well as other areas. The small dimensions of these particles result in different physical properties from those observed in the corresponding macrocrystalline, "bulk", material. As particle sizes become smaller, the ratio of surface atoms to those in the interior increase, leading to the surface properties playing an important role in the properties of the material. Semiconductor nanoparticles also exhibit a change in their electronic properties relative to that of the bulk material; as the size of the solid becomes smaller, the band gap becomes larger. This allows chemists and material scientists the unique opportunity to change the electronic and chemical properties of a material simply by controlling its particle size. Research has already led to the fabrication of a number of devices. This review aims to highlight recent advances in the synthesis of compound semiconductor nanoparticle materials and their potential use in areas such as catalysis and electronic device fabrication.