The most significant achievements and challenges relating to an application of quantitative structure-activity relationship (QSAR) approach in the risk assessment of nanometer-sized materials are highlighted. Recent advances are discussed in the context of "classical" QSAR methodology. The possible ways for the structural characterization of compounds existing at the nanoscale (at least one dimension of 100 nm or less) are briefly reviewed. The applicability of the existing toxicological data for developing QSAR models is evaluated. Finally, the existing models are presented. The need to develop new interpretative descriptors for the nanosystems is also highlighted. It is suggested that, due to high variability in the molecular structures and different mechanisms of toxicity, individual classes of nanoparticles should be modeled separately.