Nanotechnology is an incipient technology for scientific development and holds a great potential for the continued improvement of environmental protection technologies. Environmental problems such as air pollution, water pollution and excessive consumption of natural resources are some of the formidable challenges faced by the communities globally. Application of nanotechnology is receiving more attention on environmental protection and is being applied in the areas of water treatment, wastewater treatment, groundwater remediation, soil remediation and waste management, etc. The volume of nanomaterials and nanoproducts has been anticipated to grow dramatically in the near future and the effective management of nano-waste is of great concern. “This paper reviews the application of nanomaterials for addressing environmental problems.” It also highlights the challenges and priorities for responsible management of nano-waste. From the literature analysis, it can be inferred that the technologies like nano zero valent ion, titanium dioxide, carbon nanotubes and metallic nanoparticles are greatly implemented across diverse areas of the environment. It is surmised that there exists a need for the development of adequate regulatory policy on the management of nanomaterial risk. Further, research needs to be conducted to study the life cycle of the nanomaterials and their impact on health and environment.