Nanotechnology embodies a groundbreaking innovation for the textile and apparel industry, facilitating enhancements to the functionality and performance of textiles, including durability, resistance to water, odor, flame, stain, UV‐protection, and antimicrobial properties. Nanotechnology also enables biosensing, drug delivery, energy generation, and storage in textiles. Here, we present a comprehensive overview of the possibilities offered by nanotechnology in the context of high‐performance textiles providing a roadmap for future research and development in this exciting field. We scrutinize the current research on nanotechnology in textiles, exploring various types of nanomaterials and their properties, the methods of incorporating nanomaterials into textiles, and the numerous applications of high‐performance textiles across critical industries such as healthcare, military, sports, fashion, and wearable electronics. We conclude the review with an analysis of the potential health and environmental concerns arising from the use of nanotechnology in textiles, emphasizing the importance of further research in these areas.