This article presents a focused overview of advancements in the field of polyol synthesis of metal, metal oxide nanoparticles and nanocomposites, specifically those reported in the current decade. The aim of this article is to present the pertinent physico-chemical factors associated with nanoparticle synthesis in polyol solutions, highlighting their applications in both biological and industrial domains. The scope of this review article is selective rather than exhaustive, concentrating on noteworthy contributions to polyol nanoparticle synthesis that hold potential for refining synthesis methods. To comprehend the role of polyols in nanoparticle synthesis, an examination of the distinct physical properties of various polyols is crucial. Moreover, understanding the particular functions and mechanisms governing nanoparticle formation is imperative in this context.