Materials in the nanoscale range are used as diagnostic instruments or to administer therapeutic compounds to particular targeted regions in a controlled manner in nanomedicine and nano delivery systems, which is a relatively young but fast emerging discipline. By delivering precise medications to specified locations and targets, nanotechnology provides several advantages in the treatment of chronic human illnesses. The use of nanomedicine (including chemotherapeutic medicines, biological agents, immunotherapeutic agents, etc.) in the treatment of various diseases has recently seen a number of notable applications. Through careful examination of the development and use of nanomaterials in enhancing the efficacy of both new and traditional medicines (such as natural remedies), the current review provides an updated summary of recent developments in the field of nanomedicines and nano based drug delivery systems. A comprehensive examination of the discovery and use of nanomaterials in improving the efficacy of both new and old drugs (such as natural products) and selective diagnosis through disease marker molecules has led to an updated summary of recent developments in the field of nanomedicines and nano based drug delivery systems. The advantages and disadvantages of using nanomedicines for the therapeutic delivery of drugs from synthetic or natural sources.