Nanotechnology is a field of science and technology that aims to control matter at the atomic, molecular, and macromolecular level. Recently, researchers began applying nanotechnology to biology. These applications could have farâ€reaching and paradigmâ€shifting implications for basic biological research, drug discovery, and medical technologies. New nanotechnologies could bring dramatic increases in the sensitivity of detection technology for research and diagnostic applications, improved imaging technologies, greater selectivity for drug delivery, and detailed insight into biological mechanisms and systems. In this article, we describe various nanotechnologies under development for biological and medical purposes and assess their potential. We also highlight the activities of companies applying nanotechnology to the biological and medical sciences. Traditional chemotherapy used today at clinics is especially inherited from the thinking and styles made four decades ago when the Cancer War was declared. The potency of these chemotherapy drugs on in-vitro cancer cells is clearly demonstrated at even nanomolar levels. However, thanks to their non-specific effects within the body on normal tissues, these drugs cause toxicity, deteriorate patient's life quality, weaken the host immunosurveillance system, and end in an irreversible damage to human's own recovery power. Owing to their unique physical and biological properties, nanotechnology-based chemotherapies seem to possess a capability to specifically and safely reach tumor foci with enhanced efficacy and low toxicity. The field of nanotechnology is as of now experiencing hazardous improvement on many fronts. The innovation is required to form developments and assume a basic part in several biomedical applications, in drug delivery, also as in atomic imaging, biomarkers and biosensors. Target-specific drug therapy and methods for early finding of pathologies are the necessity check out territories where nanotechnology would assume an important part.