Nanotechnology can be described as the manipulation of matter at an atomic, molecular or supramolecular scale in the range of 1-100 nanometers. Nanotechnology is a modern science that is gaining immense popularity and applications in multiple scientific fields such as surface science, microfabrication, semiconductor, molecular biology, electronics, medicine, consumer products and many other industrial and military applications. Nanotechnology also raises various issues like the impact of nanoparticles on the environment, toxicity, regulation of nanotechnology and nanoparticles and the overall impact of nanotechnology on global economics. The present article focuses on the past, present and future of nanotechnology with a special focus on the application of nanotechnology in various fields of medicine.