This review article provides an extensive overview of the emerging frontiers of nanotechnology in precision agriculture, highlighting recent advancements, hurdles, and prospects. The benefits of nanotechnology in this field include the development of advanced nanomaterials for enhanced seed germination and micronutrient supply, along with the alleviation of biotic and abiotic stress. Further, nanotechnology-based fertilizers and pesticides can be delivered in lower dosages, which reduces environmental impacts and human health hazards. Another significant advantage lies in introducing cutting-edge nanodiagnostic systems and nanobiosensors that monitor soil quality parameters, plant diseases, and stress, all of which are critical for precision agriculture. Additionally, this technology has demonstrated potential in reducing agro-waste, synthesizing high-value products, and using methods and devices for tagging, monitoring, and tracking agroproducts. Alongside these developments, cloud computing and smartphone-based biosensors have emerged as crucial data collection and analysis tools. Finally, this review delves into the economic, legal, social, and risk implications of nanotechnology in agriculture, which must be thoroughly examined for the technology’s widespread adoption.