Selenium is an essential trace element that plays a crucial role in various physiological activities, exerting a significant impact on human health. Selenium deficiency can lead to the development of several diseases, while excessive doses can be toxic. In recent years, there is a growing interest in elemental selenium nanoparticles (SeNPs) due to their good biocompatibility, low toxicity, and high antioxidant activity, making them suitable for numerous applications. The quest for enhancing efficacy and reducing toxicity has driven extensive research on SeNPs. This review aims to provide a comprehensive summary of the recent advancements made in the synthesis, characterization, properties, and applications of SeNPs. Moreover, the challenges associated with SeNPs research, as well as the future trends in the field, are thoroughly discussed. This review aims to provide an insight into the current state of research on SeNPs and highlight areas that require further exploration and development.