Nanosized particles, with a size of less than 100 nm, have a wide variety of applications in various fields of nanotechnology and biotechnology, especially in the pharmaceutical industry. Metal nanoparticles [MNPs] have been synthesized by different chemical and physical procedures. Still, the biological approach or green synthesis [phytosynthesis] is considered as a preferred method due to eco-friendliness, nontoxicity, and cost-effective production. Various plants and plant extracts have been used for the green synthesis of MNPs, including biofabrication of noble metals, metal oxides, and bimetallic combinations. Biomolecules and metabolites present in plant extract cause the reduction of metal ions into nanosized particles by one-step preparation methods. MNPs have remarkable attractiveness in biomedical applications for their use as potential antioxidant, anticancer and antibacterial agents. The present review offers a comprehensive aspect of MNPs production via top-to-bottom and bottom-to-top approach with considerable emphasis on green technology and their possible biomedical applications. The critical parameters governing the MNPs formation by plant-based synthesis are also highlighted in this review.