Nanomedicine has emerged as a lucrative option, which attracts the attention of scientific and industrial stalwarts for its enormous potential and new business opportunities in the health sector. Since it encompasses physical, chemical, and biological interventions used for the transformation of bulk materials into nanomaterials (NMs) with particles size ~ 1-100 nm for highly specific medical applications. Therefore its effect on diagnosis, efficacy, treatment, and prevention of diseases may easily be foreseen. The credit goes to nanotechnology, which has emerged with the ability to manipulate the NMs concerning size, shape, composition as well as surface characteristics. Due to the advantages of their tiny size as well as novel properties, NMs are useful for loading more drugs with controlled release and specific targeting. Although full bloom of nanomedicine realization might take years, a recent innovation in formulations of nanotechnology-based smart drug/vaccine delivery systems is beginning to change the landscape of future medicines. They are being designed to overcome biological barriers in the living system by improving the delivery and efficacy of traditional therapeutics and reducing the toxicity by specificity to target cells/tissues. This review focuses on basic understanding and progress in the field of nanomedicine (especially nanocarriers-based drug and vaccine delivery), including nanoformulation of Amphotericin B with functionalized carbon nanotubes for the therapy of visceral leishmaniasis.