The field of nanotechnology is one of the most popular areas for current research and development in basically all technical disciplines. This obviously includes polymer science and technology and even in this field the investigations cover a broad range of topics. This would include microelectronics (which could now be referred to as nanoelectronics) as the critical dimension scale for modern devices now below 100 nm. Other areas include polymer-based biomaterials, nanoparticle drug delivery, miniemulsion particles, fuel cell electrode polymer bound catalysts, layer-by-layer self-assembled polymer films, electrospun nanofibers, imprint lithography, polymer blends and nanocomposites. Even in the field of nanocomposites, many diverse topics exist including composite reinforcement, barrier properties, flame resistance, electro-optical properties, cosmetic applications, and bactericidal properties. Nanotechnology offers unique approaches to probe and control a variety of biological and medical processes that occur at nanometer length scales, and is expected to have a revolutionary impact on biology and medicine. Among the approaches for exploiting nanotechnology in medicine, nanoparticles offer some unique advantages as sensing, image enhancement, and delivery agents. Several varieties of nanoparticles with biomedical relevance are available including, polymeric nanoparticles, metal nanoparticles, liposomes, micelles, quantum dots, dendrimers, and nanoassemblies. To further the application of nanoparticles in disease diagnosis and therapy, it is important that the systems are biocompatible and capable of being functionalized for recognition of specific target sites in the body after systemic administration. We have discussed the novel nanocomposites and nanoparticles from various applications and drug delivery systems for cancer therapy.