The application of nanotechnology (NT) is bringing about an enormous shift in the agricultural and environmental protection industries by providing innovative solutions to old problems. The most recent developments and related challenges in these fields' use of NT are summarised in this review article. Nanotechnology has revolutionized precision farming in the agricultural sector. These nanoproducts help improve soil and plant health, which increases crop output while decreasing chemical inputs. Nano-pesticides and nano-fertilizers reduce resource waste and environmental pollution by improving the efficiency and targeted delivery of pest control chemicals and nutrients. Nanomaterials find application in water filtration, air quality monitoring, and cleanup of polluted areas in the field of environmental protection. Adsorbents and catalysts with a nanostructure allow for the removal of organic impurities, heavy metals, and pollutants with less energy consumption and more efficiency than conventional approaches. Despite these encouraging developments, there are still several challenges to overcome before NT may be fully utilized in farming and protecting the environment. Some important concerns with nanoparticles are their potential toxicity to both people and non-target organisms, the absence of thorough regulatory frameworks, and the necessity for substantial research into the environmental implications of nanomaterials over time. There are a lot of obstacles to the widespread use of nanotechnology, such as the high price tag and the difficulty of increasing manufacturing volumes. To overcome these obstacles and guarantee the safe and sustainable utilization of nanotechnology's benefits, scientists, legislators, and industry stakeholders must work together across disciplines. In this review article, we see how nanotechnology might revolutionize our future by making it more sustainable. Still, we also see how important it is to deal with the hazards and regulatory obstacles that come with NT.