Metallic nanoparticles (MNPs) have attracted great interest among scientists and researchers for years due to their unique optical, physiochemical, biological, and magnetic properties. As a result, MNPs have been widely utilized across a variety of scientific fields, including biomedicine, agriculture, electronics, food, cosmetics, and the environment. In this regard, the current review article offers a comprehensive overview of recent studies on the synthesis of MNPs (metal and metal oxide nanoparticles), outlining the benefits and drawbacks of chemical, physical, and biological methods. However, the biological synthesis of MNPs is of great importance considering the biocompatibility and biological activity of certain MNPs. A variety of characterization techniques, including X-ray diffraction, transmission electron microscopy, UV-visible spectroscopy, scanning electron microscopy, dynamic light scattering, atomic force microscopy, Fourier transform infrared spectroscopy, and others, have been discussed in depth to gain deeper insights into the unique structural and spectroscopic properties of MNPs. Furthermore, their unique properties and applications in the fields of medicine, agriculture, and the environment are summarized and deeply discussed. Finally, the main challenges and limitations of MNPs synthesis and applications, as well as their future prospects have also been discussed.