Plant mineral nutrition is important for obtaining higher agricultural productivity to meet the future demands of the increasing global human population. It is envisaged that nanotechnology can provide sustainable solutions by replacing traditional bulk fertilizers with their nanoparticulate counterparts possessing superior properties to overcome the current challenges of bioavailability and uptake of minerals, increasing crop yield, reducing fertilizer wastage and protecting the environment. Recent studies have shown that nanoparticles of essential minerals and non-essential elements affect plant growth, physiology and development, depending on their size, composition, concentration and mode of application. The current article reviews the recent findings on the positive as well as negative effects that nanofertilizers exert on plants when applied via foliar and soil routes; their effects on plant associated microorganisms and potential for controlling agricultural pests. This review suggests future research needed for the development of sustained release nanofertilizers for enhancing food production and environmental protection.