Ultrafine particles (UFPs) are aerosols with an aerodynamic diameter of 0.1 µm (100 nm) or less. There is a growing concern in the public health community about the contribution of UFPs to human health. Despite their modest mass and size, they dominate in terms of the number of particles in the ambient air. A particular concern about UFPs is their ability to reach the most distal lung regions (alveoli) and circumvent primary airway defenses. Moreover, UFPs have a high surface area and a capacity to adsorb a substantial amount of toxic organic compounds. Harmful systemic health effects of PM10 or PM2.5 are often attributable to the UFP fraction. In this review, we examine the physicochemical characteristics of UFPs to enable a better understanding of the effects of these particles on human health. The characteristics of UFPs from diesel combustion will be discussed in the greatest detail because road vehicles are the primary source of UFP emissions in urban pollution hotspots. Finally, we will elaborate on the role of UFPs on global climate change, since the adverse effects of UFPs on meteorological processes and the hydrological cycle may even be more harmful to human health than their direct toxic effects.