The emergence of innovative 2D materials represents a significant evolution in materials science, heralding new opportunities for the advancement of information technologies in the era succeeding Moore's law. These materials span various categories, including semi-metallic, semiconductor, and insulating types, showcasing their versatility. The exceptional characteristics of these atomically thin and planar materials herald a new era in the miniaturization of devices. Integrating 2D materials into field-effect transistors (FETs) with sub-nanometer scale gate architectures demonstrates typical switching behaviors, confirming their applicability in integrated circuits. Concurrently, the development of wafer-level and silicon-compatible manufacturing techniques specifically designed for 2D materials and their devices underscores their significant promise in nanoelectronics and nanophotonics. Particularly, Molybdenum disulfide (MoS2) stands out for its direct bandgaps and bound excitons, offering profound implications for advancing nanoelectronics and nanophotonics. This review investigates the intrinsic structure and properties of MoS2, evaluates various methods for wafer-scale synthesis, and examines critical applications in nanoelectronics, such as 2D FETs, photodetectors, and memristors, alongside nanophotonics applications like nano-scale laser sources, exciton-plasmon interaction for advanced sensing applications, and photoluminescence manipulation. Additionally, this review addresses current challenges and future prospects for developing MoS2-based technologies in next-generation nanoelectronic and nanophotonic devices.