Nanomedicine is a rapidly evolving medical domain utilizing 1-100nm nanoscale particles to achieve medical goals in either one or more medical aspects - diagnosis, imaging and therapy. Nanomedicine employs a combination of methods stemming from life and exact sciences. This review deals briefly with the principles behind the scenes guiding the design, manufacture and employment of these nanoparticles. Some representative examples of the various applications are provided from the abundance of existing nanoparticles. The main topics discussed are those related to composition, characteristics of nanoparticles, usage in cancer, drug delivery and various central nervous system applications. Possible toxicity and future teratogenicity research pertaining to nanoparticles are also elaborated upon.