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Nanodiamond powder, first discovered in 1963 in the Soviet Union, has recently become one of the most promising and well-studied nanomaterials applied in various fields of science, technology and medicine. However, in spite of the unique properties of nanodiamonds, developed applications and the scaled manufacturing process, the nanodiamond global market still remains in its initial stage. The main factor limiting the extensive use of nanodiamonds in industry is the lack of consistency with regards to quality and there is wide variability in their performance in diverse technological processes. This is caused mainly by the uncontrolled character of the existing technology for nanodiamond fabrication, which is based on detonation in a closed chamber. Therefore, the development of alternative technologies, enabling control of the synthesis process, is important as it can provide high quality nanodiamonds for electronics, optics, energy and pharmacology. This chapter reports on a controlled green technology for the synthesis of nanodiamonds by the treatment of specially prepared hydrocarbon targets. Characterization of the nanodiamonds is performed by modern technology and some of the technological opportunities are discussed with regards to nanodiamond applications.