Nanoparticles are small particles that range from 1 to 100 nm in size, exhibit several physical and chemical features. An understanding of nanoparticles would reveal great qualities and potential applications that would aid the diversification of thin film technologies. The synthesis methods employed like top-down, bottom-up, chemical, biological, and mechanical processes have great influence on the properties exhibited by such nanomaterials. This review covers an insight into the knowledge of nanoparticles, their classifications, parameters affecting their efficient performance, synthesis and characterization techniques of nanoparticles. Nanoparticles are also characterized to obtain their morphological, structural, optical, elemental, size, and physiochemical features. The potential applications of nanoparticles have not been left undiscussed.