Synthesis of nanomaterials by a simple, low cost and in high yield has been a great challenge since the very early development of nanoscience. Various bottom and top down approaches have been developed so far, for the commercial production of nanomaterials. Among all top down approaches, high energy ball milling, has been widely exploited for the synthesis of various nanomaterials, nanograins, nanoalloy, nanocomposites and nano -quasicrystalline materials. Mechanical alloying techniques have been utilized to produce amorphous and nanocrystalline alloys as well as metal/non-metal nanocomposite materials by milling and post annealing, of elemental or compound powders in an inert atmosphere. Mechanical alloying is a non-equilibrium processing technique in which different elemental powders are milled in an inert atmosphere to create one mixed powder with the same composition as the constituents. In high-energy ball milling, plastic deformation, cold-welding and fracture are predominant factors, in which the deformation leads to a change in particle shape, cold-welding leads to an increase in particle size and fracture leads to decrease in particle size resulting in the formation of fine dispersed alloying particles in the grain-refined soft matrix. By utilizing mechanical milling various kind of aluminium/ nickel/ magnesium/ copper based nanoalloys, wear resistant spray coatings, oxide and carbide strengthened aluminium alloys, and many other nanocomposites have been synthesized in very high yield. The mechanical milling has been utilized for the synthesis of nanomaterials either by milling and post annealing or by mechanical activation and then applying some other process on these activated materials. This review is a systematic view of the basic concept of mechanical milling, historical view and applications of mechanical milling in the synthesis of various nanomaterials, nanosomposites, nnaocarbons and nano quasicrystalline materials.