Knowledge on relations between particle properties and dissolution/transformation characteristics of metal and metal oxide nanoparticles (NPs) in freshwater is important for risk assessment and product development. This critical review aims to elucidate nanospecific effects on dissolution of metallic NPs in freshwater and similar media. Dissolution rate constants are compiled and analyzed for NPs of silver (Ag), copper (Cu), copper oxide/hydroxide (CuO, Cu(OH)2), zinc oxide (ZnO), manganese (Mn), and aluminum (Al), showing largely varying (orders of magnitude) constants when modeled using first order kinetics. An effect of small primary sizes (<15 nm) was observed, leading to increased dissolution rate constants and solubility in some cases. However, the often extensive particle agglomeration can result in reduced nanospecific effects on dissolution and also an increased uncertainty related to the surface area, a parameter that largely influence the extent of dissolution. Promising ways to model surface areas of NPs in solution using fractal dimensions and size distributions are discussed in addition to nanospecific aspects related to other processes such as corrosion, adsorption of natural organic matter (NOM), presence of capping agents, and existence of surface defects. The importance of the experimental design on the results of dissolution experiments of metal and metal oxide NPs is moreover highlighted, including the influence of ionic metal solubility and choice of particle dispersion methodology.