Several reviews are available on the synthesis of metal nanoparticles and their pharmaceutical applications. However, this review provides updated research data along with the various methods employed for their development. It also summarizes their various advantages and clinical applications (anticancer, antimicrobial drug delivery, and many others) for various phytoconstituents. The overview of earlier patents by several scientists in the arena of metallic nanoparticle preparation and formulation is also presented. This review will be helpful in increasing the current knowledge and will also inspire to innovation of nanoparticles for the precise and targeted delivery of phytoconstituents for the treatment of several diseases.