COVID-19, one of the worst-hit pandemics, has quickly spread like fire across nations with very high mortality rates. Researchers all around the globe are making consistent efforts to address the main challenges faced due to COVID-19 infection including prompt diagnosis and therapeutics to reduce mortality. Conventional medical technology does not effectively contain the havoc caused by deadly COVID-19. This signals a crucial mandate for innovative and novel interventions in diagnostics and therapeutics to combat this ongoing pandemic and counter its successor or disease if it were ever to arise. The expeditious solutions can spring from promising areas such as nanomedicine and nanotechnology. Nanomedicine is a dominant tool that has a huge potential to alleviate the disease burden by providing nanoparticle-based vaccines and carriers. Nanotechnology encompasses multidisciplinary aspects including artificial intelligence, chemistry, biology, material science, physical science, and medicine. Nanoparticles offer many advantages compared to larger particles, including better magnetic properties and a multiplied surface-to-volume ratio. Given this, the present review focuses on promising nanomedicine-based solutions to combat COVID-19 and their utility to control a broad range of pathogens and viruses, along with understanding their role in the therapy, diagnosis, and prevention of COVID-19. Various studies, reports, and recent research and development from the nanotechnology perspective are discussed in this article.