Indium-based nanoparticles - metallic indium, indium oxide (In₂O₃), indium tin oxide (ITO), indium-doped oxides, indium chalcogenides and indium-containing quantum dots - combine tunable band gaps, oxygen-vacancy-controlled conductivity and luminescence, and plasmonic responses extending from the ultraviolet to the infrared. Although In₂O₃ nanoparticles have received far less attention than ZnO or TiO₂, they are emerging as promising materials for biomedicine, chemical sensing, photocatalysis and optoelectronics. This review compares physical (solvated metal atom dispersion, pulsed laser ablation, laser/electron irradiation), solution-chemical (thermolysis, hydrothermal, solvothermal, sol– gel auto-combustion, hot injection), electrochemical (ionic-liquid and aqueous electroreduction) and plant-mediated synthesis routes, with emphasis on green synthesis using Aloe vera, Aerva javanica, Artemisia vulgaris, Vitis vinifera and green tea extracts. The roles of oxygen vacancies, dopants and composition in determining optical and electronic properties are discussed. Applications are surveyed, including antibacterial and anticancer activity, photothermal and photoacoustic theragnostic, drug delivery with SPECT imaging, quantum- dot-based biomarker detection, ethanol and humidity sensing, ITO-based electrochemical sensing, dye photodegradation and heterogeneous organic catalysis.