This review provides insights into the synthesis, functionalization, and applications of selenium nanoparticles in electronics, optics, catalysis and sensors. The variation of physicochemical properties such as particle size, surface area, and shape of the selenium nanoparticles and the effect of experimental conditions has also been discussed. An overview has also been provided on the fundamental electrical and optical properties of selenium nanomaterials as well as their utilization in different research fields. The work presents an insight on selenium nanoparticles with interesting properties and their future applications.