The growth in novel synthesis methods and in the range of possible applications has led to the development of a large variety of manufactured nanomaterials (MNMs), which can, in principle, come into close contact with humans and be dispersed in the environment. The nanomaterials interact with the surrounding environment, this being either the proteins and/or cells in a biological medium or the matrix constituent in a dispersion or composite, and an interface is formed whose properties depend on the physicochemical interactions and on colloidal forces. The development of predictive relationships between the characteristics of individual MNMs and their potential practical use critically depends on how the key parameters of MNMs, such as the size, shape, surface chemistry, surface charge, surface coating, etc., affect the behavior in a test medium. This relationship between the biophysicochemical properties of the MNMs and their practical use is defined as their functionality; understanding this relationship is very important for the safe use of these nanomaterials. In this mini review, we attempt to identify the key parameters of nanomaterials and establish a relationship between these and the main MNM functionalities, which would play an important role in the safe design of MNMs; thus, reducing the possible health and environmental risks early on in the innovation process, when the functionality of a nanomaterial and its toxicity/safety will be taken into account in an integrated way. This review aims to contribute to a decision tree strategy for the optimum design of safe nanomaterials, by going beyond the compromise between functionality and safety.