Nanotechnology which deals with the synthesis and characterization of dispersed or solid particles in nano-metric range has emerged out to be a novel approach due to its ample applications in biomedical fields. The advancements in the field of nanotechnology and substantial evidences in biomedical applications have led the researchers to explore safe, ecofriendly, rapid and sustainable approaches for the synthesis of colloidal metal nanoparticles. This chapter illustrates superiority of biogenic route of synthesis of nanoparticles over the different approaches such as chemical and physical methods. In biogenic route, plants and microorganisms like algae, fungi, yeast, actinomycetes etc. act as “bio-factories” which reduce the metal precursors and play a crucial role in the synthesis of nanoparticles with distinct morphologies. Thus, the need of hazardous chemicals is eliminated and a safer and greener approach of nanoparticles synthesis can be adopted. This chapter also outlines the effect of optimization of different parameters mainly pH, temperature, time and concentration of metal ions on the nanoparticle synthesis. It is evident that the optimization of various parameters can yield nanoparticles with desired properties suitable for respective biomedical applications.