Nanotechnology can be defined as the field of science and technology that studies material at nanoscale (1–100 nm). These nanomaterials, especially carbon nanostructure-based composites and biopolymer-based nanocomposites, exhibit excellent chemical, physical, mechanical, electrical, and many other properties beneficial for their application in many consumer products (e.g., industrial, food, pharmaceutical, and medical). The current literature reports that the increased exposure of humans to nanomaterials could toxicologically affect their environment. Hence, this paper aims to present a review on the possible nanotoxicology assays that can be used to evaluate the toxicity of engineered nanomaterials. The different ways humans are exposed to nanomaterials are discussed, and the recent toxicity evaluation approaches of these nanomaterials are critically assessed.