Nanoparticles play a significant role in various fields ranging from electronics to composite materials development. Among them, metal nanoparticles have attracted much attention in recent decades due to their high surface area, selectivity, tunable morphologies, and remarkable catalytic activity. In this review, we discuss various possibilities for the synthesis of different metal nanoparticles; specifically, we address some of the green synthesis approaches. In the second part of the paper, we review the catalytic performance of the most commonly used metal nanoparticles and we explore a few roadblocks to the commercialization of the developed metal nanoparticles as efficient catalysts.