The advancement in industrial activities has proliferated the amount of waste produced regularly in the modern world. The three major elements of the environment, e.g., water, soil, and air, have been filled with excess dust particles, micro/nano plastics, microorganisms, organic suspensions, and heavy metal ions that have started taking a hefty toll on living entities. In this regard, among the many other pathways, the nanoscale sciences and technologies have emerged as powerful tools in mitigating the pressing challenges of waste management by converting them into ‘wealth’. For example, several nanocatalysts can convert waste materials into organic solvents, acids, salts, buffers, esters, ethers, or surfactants, which are commercially important. We explore some of the nanoparticles, nanomembranes, metal oxides, and nanopolymers that can cause pollutant adsorption, catalytic degradation, separation, and material recovery processes. The nanomaterials reveal significant improvements in adsorbent specificity for heavy metals, catalytic efficacy in the breakdown of organic waste into specialty chemicals, and usage of some of them to develop nanosensors for rapid and regular monitoring of contamination. The chapter provides insights into the promises, advantages, and challenges of integrating such nanoscale technologies into existing waste management ecosystems by considering both the technical and environmental impacts. Furthermore, the scalability, economic feasibility, and the development of safe regulatory frameworks for nano-enabled waste solutions have also been briefly explored. The chapter concludes by highlighting future prospects, such as ‘green’ synthesis processes using sustainable nanomaterials alongside cutting-edge recovery processes. In summary, the chapter aims to understand the potential of nanotechnology to transform waste into wealth while contributing to sustainable development goals.