The present review briefly discusses two important aspects of the application of power ultrasound. Firstly, the application of ultrasound in the synthesis of nanoparticles, using various state-of-the-art sonochemical methods for the synthesis of nanoparticles of metals of s-, p-, d-and f-blocks and their compounds using ultrasound alone or in combination with other techniques. The advantage of using ultrasound lies in controlling the size, morphology and physical state (amorphous / crystalline) of nanoparticles through the variation in frequency, power and duration of sonication. Secondly, the use of ultrasound in the remediation of pollutants in aqueous effluents, such as, metal ions, organic acids, dyes, pesticides, pharmaceuticals, preservatives etc., has been discussed. Ultrasound is undoubtedly a very promising futuristic tool for both these technologies.