The ability to measure, understand, manipulate, organize, engineer and control matter on the nanoscale has been opening up the wealth of possibilities that were otherwise non -existent at higher scales. At this scale, basic research principles and tools in biology, physics, chemistry, and engineering converge and have led to all-inclusive applications of nanotechnology. Despite the innovative applications and promising potentials of nanotechnology, there are concerns about its short and long-lasting impacts on humans, nature and the environment. In an attempt to address these concerns, a number of researches have been conducted. Evaluations of studies addressing the issues of nanotechnologies and their impacts are necessary to give insights for further studies that will advance the technology for the true benefit of mankind and nature. This study, thus, provides a detailed review of studies on nanotechnology applications and the positions of stakeholders on the impact of nanotechnology. Among other things, the outcome of this survey shows that there are numerous successful applications of nanotechnology. Public perceptions are pivotal in determining the extent of revolution and transformation that nanotechnology will have on the environment. Religious beliefs and moral concerns; trust in governmental regulatory agencies and the industry; the level of inclusion of the society in the product design, development, and commercialization process is critical to the extent of acceptance of nanotechnology inventions. Expression of objective views concerning the benefits, limitations & risks, and adequate education of the public, risk regulators & all stakeholders are crucial in determining the fate of nanotechnology.