Cerium vanadate nanoparticles (CeVO4 NPs), which are members of the rare earth orthovanadate nanomaterial family, have generated considerable interest due to their diverse properties and prospective biomedical applications. The current study, which provides a comprehensive overview of the synthesis and characterization techniques for CeVO4 NPs, emphasizes the sonochemical method as an efficient and straightforward technique for producing CeVO4 NPs with tunable size and shape. This paper investigates the toxicity and biocompatibility of CeVO4 NPs, as well as their antioxidant and catalytic properties, which allow them to modify the redox state of biological systems and degrade organic pollutants. In addition, the most recent developments in the medicinal applications of CeVO4 NPs, such as cancer treatment, antibacterial activity, biosensing, and drug or gene delivery, are emphasized. In addition, the disadvantages of CeVO4 NPs, such as stability, aggregation, biodistribution, and biodegradation, are outlined, and several potential solutions are suggested. The research concludes with data and recommendations for developing and enhancing CeVO4 NPs in the biomedical industry.