Nanotechnology is the recently developed scientific discipline that copes with the application of nanoscience with the engineering of functional systems at the molecular extent. In the past era, the nanomaterials, “the basic units of nanotechnology,” were considered as the passive nanoscale particle structures or materials designed to perform only one task. Currently, nanotechnology is considered a broad and interdisciplinary area of advanced scientific research, which has a high impact on different fields of science, including biomedical research. Throughout the years of research, these nanomaterials are transformed into advanced nanomaterials or multifunctional nanoparticles (in medicine) which have different properties enabling those as multitasking nanoscale materials. For example, in the current scenario, the technologies developed for advanced nanomaterials are considered to have the potential for transfiguring how biomaterials are synthesized, functionalized, and utilized in different biomedical and medical applications such as actuators, drug delivery biomaterials, and biosensors. Even though these advanced nanomaterials are already having a significant commercial impact in the biomedical field, which is increasing day by day, it has its pros and cons, taking into account different issues or ideas which are discussed in this chapter in detail.