Palladium (Pd), a noble metal, has unique properties for C-C bond formation in reactions such as the Suzuki and Heck reactions. Besides Pd-based complexes, Pd NPs have also attracted significant attention for applications such as fuel cells, hydrogen storage, and sensors for gases such as H₂ and non-enzymatic glucose, including catalysis. Additionally, Pd NPs are catalysts in environmental treatment to abstract organic and heavy-metal pollutants such as Cr (VI) by converting them to Cr(III). In terms of biological activity, Pd NPs were found to be active against Staphylococcus aureus and Escherichia coli, where 99.99% of bacteria were destroyed, while PVP-Pd NPs displayed anticancer activity against human breast cancer MCF7. Hence, in this review, we attempted to cover recent progress in the various applications of Pd NPs with emphasis on their application as sensors and catalysts for energy-related and other applications.