With the advancements in nanotechnology, the interaction between nanotechnology, society and environment has increased. Nanotherapeutics and nanopharmaceuticals have allowed facilitation of earlier and more precise diagnosis, reduced side effects, improved targeted therapies and efficacy of drugs. Likewise, nanotechnology has helped in improving the quality of environment by solving issues of air pollution, water remediation and waste management with the help of nanoproducts such as nanofilters, nanophoto catalysts, nanoadsorbents and nanosensors. Moreover, nanopesticides, nanofood, anti-bacterial nanopackaging, nanofertilizers and many other products have helped food and agriculture sector to grow. There are innumerable products on shelf based on nanotechnology impacting almost every sector. However, nanotechnology like any other technology if used unchecked and unregulated can be a cause of social, environmental, legal and ethical concerns. Therefore, it is crucial to consider these challenges in addition to the promises and opportunities nanotechnology has to offer. This review has highlighted the immense importance of nanotechnology by discussing its applications especially in medicine, environmental sciences and food and agriculture sectors. Closely studying these aspects will allow us to discover gaps, obstacles and potential solutions for responsible nanotechnology development and deployment. Understanding these concerns and challenges is also critical for policymakers, researchers, industrialists and society as a whole in order to promote ethical practices and informed decision-making. This review will help to contribute to the continuing discourse and raise ethical awareness in the field of nanotechnology thence minimizing the harm while maximizing the benefits.