Platinum nanoparticles (PtNPs) are noteworthy scientific tools that are being explored in various biotechnological, nanomedicinal, and pharmacological fields. They are unique because of their large surface area and their numerous catalytic applications such as their use in automotive catalytic converters and as petrochemical cracking catalysts. PtNPs have been widely utilized not only in the industry, but also in medicine and diagnostics. PtNPs are extensively studied because of their antimicrobial, antioxidant, and anticancer properties. So far, only one review has been dedicated to the application of PtNPs to nanomedicine. However, no studies describe the synthesis, characterization, and biomedical application of PtNPs. Therefore, the aim of this review is to provide a comprehensive assessment of the current knowledge regarding the synthesis, including physical, chemical, and biological and toxicological effects of PtNPs on human health, in terms of both in vivo and in vitro experimental analysis. Special attention has been focused on the biological synthesis of PtNPs using various templates as reducing and stabilizing agents. Finally, we discuss the biomedical and other applications of PtNPs.