Imagine the chips embedded in the human body reporting every body movement and just waiting to strike at those nasty bacterial invaders, clothing smart enough to monitor out health and save us from environmental hazards, huge buildings and machines having the capability to repair and adjust themselves to the vagaries of the environment, or a regular wristwatch doubling up as a supercomputer. Thanks to nanotechnology, all of these wonders, and many more, are possible. Scientific discoveries and inventions have in fact propelled man to challenge new frontiers. And with his superior brain, man has been able to deliver most of these goodies. Nanotechnology is one such technological wonders that we are experiencing now. Scientists and engineers are working round the clock to achieve breakthroughs that could possibly be the answer to human misery. This paper is mainly about Nanotechnology, its synthesis, characterization and various applications. This also tells about the history of Nanotechnology and its necessity and also discusses how it will improve our lives. This will also explore the less explored field of Green Nanotechnology.