Unforeseen changes in surface properties because of particle size have made nanoparticles very popular in the field of material science. Decrease in particle size to nano-size demonstrates peculiar and improved properties such as particle size distribution and morphology. This distinctive change in specific surface area is responsible for its high value and affects imperative parameters like surface reactivity. Application of nanoparticles in various fields like energy, medicines and nutrition has tremendously increased nowadays. In pharmaceutical and medicinal sciences, nanoparticles are playing imperative role. Several approaches are employed for the metallic nanoparticles preparation, which is categorized into two main types on as bottom up methods and top down methods depending on starting material of nanoparticle preparation. Certain metals have distinctive properties like antimicrobial property of gold and silver. Metal particles such as gold are widely used from ancient time for the medicines and Ayurvedic preparations in India and China. The use of metal nanoparticles is continuously increasing worldwide in biomedicine and allied disciplines. Nowadays researchers are focusing on metal nanoparticles, nanostructures and nanomaterial synthesis because of their conspicuous properties. Present review selectively focuses on different methods of nanoparticle preparations and its advantages, disadvantages, and applications.