Nanomedicines belong to the class of novel drug delivery systems exploiting the benefits offered by cutting-edge nanotechnology in the field of medicine. The range of nanomedicines is not limited upto the delivery of medicines but it has relevance in other arenas like biosensors, diagnostics, tissue engineering, monitoring, imaging, control, medical devices to name a few. The use of nanomedicines is gaining pace due to its enormous potential and advantages like improved solubility and bioavailability, targeting at diseased sites, controlled release and reduced adverse effects, thus, bypassing the shortcomings of conventional medicines. The nanomedicines are proving to be powerful weapons combating the deadly diseases in the form of liposomes, quantum dots, dendrimers, nanoparticles and nanoemulsions etc. The present manuscript provides a comprehensive review on some of the most recent advancements, inventions and patents on nanomedicines.