Developments in nanomedicine are expected to provide solutions to many of modern medicine's unsolved problems. The great appeal of nanomedicine lies in its promise of using the unique properties of nanoscale materials to address some of the most challenging problems of medical diagnosis and therapy. Applications of nanotechnology for treatment, diagnosis, monitoring, and control of biological systems has recently been referred to as “nanomedicine” by the National Institutes of Health. Research into the delivery and targeting of pharmaceutical, therapeutic, and diagnostic agents is at the forefront of projects in nanomedicine. These involve the identification of precise targets related to specific clinical conditions and choice of the appropriate nanocarriers to achieve the required responses while minimizing the side effects. Mononuclear phagocytes, dendritic cells, endothelial cells, and cancers are key targets. Today, nanotechnology approaches to particle design and formulation are beginning to expand the market for many drugs and are forming the basis for a highly profitable niche within the industry. This article presents an overview of some of the applications of nanotechnology in nanomedicine.