Nanotechnology involves the synthesis and characterization of particles in nanometer scale. Nanoparticle can be synthesized using different phenomenon, that involves top-down and bottom-up approach. Pharmaceutical research is now focusing on the use of nanoparticles for drug delivery. This review is based on various synthesis methods for nanoparticles, that includes chemical precipitation, sol-gel, microemulsion, and green synthesis techniques, along with their advantages and drawbacks. Owing to their distinctive properties, nanoparticles offer numerous advantages in pharmaceutical research, such as improved drug solubility, controlled and continuous release, site-specific targeting, and reduction in adverse systemic effects. In addition, the application of different nanoparticle-based delivery systems, including liposomes, dendrimers, polymeric nanoparticles, and inorganic nanoparticles, is discussed.