Nanotechnology encompasses the design, development, production and characterization of nanomaterials (1–100 nm) with modified electrical, optical and mechanical attributes as compared to the original materials. Developed nanostructures and devices have enhanced novel properties for application in various fields. Nanomaterials can be synthesized by physical, chemical and biological methods. Composite materials can also be developed from the synthesized nanomaterials for their effective utilization. This chapter highlights the development of nanomaterials viasonochemical and biological (plant andmicroorganism) methods. Characterization of nanomaterials by advanced instruments, such as scanning electron microscope (SEM), high-resolution transmission electron microscopy (HRTEM), energy-dispersive x-rayspectroscopy (EDAX), atomic force microscope (AFM), dynamic light scattering (DLS) and Brunauer-Emmett-Teller (BET), ensuresthe morphology, topography, chemical composition, structure and stability of the compound. There are various techniques and instruments involved in the development of nanomaterials for its versatile use in physics, chemistry, biology, nanoscience/nanotechnology, environmental monitoring, pollution abatement and control. The emphasis has also been laid on the application of nanomaterials as nanocatalyst, nanocomposite, nanofilm, etc., and promises for wider application in energy, remediation and environment protection. Advances in nanotechnology research and development generate unique economic, soil and environmental benefits.