In the last few years scientists and engineers have emphasized their study on the development of nanomaterials and their applications in different field. Nanoparticles have a wide range of applications, not only in engineering but also in medical sciences. Nanoparticles are also applicable for environmental applications. Nanomaterials possess some special properties due to their small size. They are very good catalyst as they have high surface area. The main applications in the chemical engineering field are catalyst, sensor, coating, adsorption, drug delivery etc. Despite many advantages, preparation and maintaining the proper size of nanomaterials are the most crucial job. Chemical engineers play a vital role in the development of nanomaterials. The present review elucidates the different nanomaterials, their applications and preparation methods. Outcomes of various patents and research papers have been summarized in this present review.