In the last two decades, a lot of progress has been made in Nanotechnology and Nanoscience, an exploitation of matter on atomic, molecular and supermolecular scale. Nanotechnology because of its size is widely used in such varied fields as surface science, molecular biology, organic chemistry, semi-conductor physics, micro fabrication, medical sciences, electronics, biomaterials, energy production, etc. Using nanotechnology, Researchers have been able to develop new materials with nanoscale dimensions to directly control matter on the atomic or molecular scale. Due to the range of many potential applications, both industrial and military, many governments boast invested billions of dollars in nanotechnology and nanoscience research. This brief review deals with the fundamentals of nanotechnology and nanoscience and its application in various fields. It also discusses the future of nanotechnology and the risks involved in it.