A novel approach of combining nanotechnology to the pharmaceutical and biotechnological field resulted in the formation of nanomedicines. Nanomedicines have progressed to a more considerable extent for curing irremediable diseases such as neurological defects, cardiovascular defects, etc., because of its minute size which assists in increased surface area and hence a remarkable dissolution profile. In addition to the health care sector, modernization of nanotechnology has also been implemented in other industries like cosmetics, electronics, catalysis, and chemical industries. Nanoparticles can be made by using polymers, either lipids or inorganic compounds like metals. They can be prepared by using either top to bottom or bottom to top approach. Interestingly, polymeric nanoparticles have provided an enormous opportunity to alter the surface of the nanoparticles leading to better drug delivery and drug targeting. However, these have the potential to induce toxicity as well. Also, the toxicity profile still has to be investigated. Moreover, characterization of the nanomedicines is always trouble, which has created a gap between conventional drugs and nanomedicines.