Waste materials are byproducts of modern technology-driven lifestyle of mankind. They are impossible to be eliminated entirely, and often recycling of these materials into more useful products is the best way to handle them. In the last two decades, engineered nanomaterials have found application in various fields of research due to their small size and unique physical, chemical, electrical, and magnetic properties. They have potential to be used in various fields of science and technology from bench scale to industrial scale. In this review, the fabrication of nanomaterials using waste material as feedstock is elaborated. Various techniques available for nanomaterial synthesis, their application, and potential challenges of waste-derived engineered nanomaterials are described. This field of research is highly relevant nowadays as this could prove to be a versatile and practical solution of waste management problems.