Boron nitride nanoscrolls (BNS) are open-ended, one-dimensional (1D) nanostructures made by the process of rolling boron nitride nanosheets (BNNS) into a scroll-like morphology. BNS offer a high surface area to volume ratio and possess many unique properties (similar to carbon nanotubes (CNT), carbon nanoscrolls (CNS) and boron nitride nanotubes (BNT)) such as high resistance to oxidation, chemical stability, increased lubrication, high-temperature resistance, electrical insulation, the ability to cap molecules inside and at the ends, and a wide band gap regardless of chirality. Despite these attractive features and properties well suited for applications in biotechnology, energy storage, and electronics, the true potential of boron nitride, and BNS as the next 'miracle material' is yet to be fully explored. In this critical review, we assess, for the first time, various studies published on the formation, structural and dynamic characteristics of BNS, potential routes for BNS synthesis, and the toxicology of BNS. Finally, the future perspectives of BNS are discussed in view of its unique and exceptional candidacy for many (real-world) applications.