Multifaceted utility of nanomaterials is indispensable to meet the environmental challenges across the globe. Nanomaterials substantially contribute in delineating the rapidly advancing field of nanotechnology. Recently, primary emphasis has been laid down on augmenting the biological methodologies for the synthesis of nanomaterials. In this aspect, green nanotechnology has revolutionized the entire process of nanosynthesis. Essentially biofabrication of nanoparticles have long-range applications, primarily in the field of medical applications such as drug delivery, cancer diagnostics and genetic engineering processes. Biocompatible and stable nanoparticles synthesized from biological source can be an effective approach against the chemically synthesized owing to their non-expensive and eco-friendly attributes. Biological systems including bacteria, yeasts, fungi and plants have already been exploited in the field of nanotechnology. Use of fungi seems to be a very effective and economical approach for the synthesis of gold nanoparticles. Gold nanoparticles possess anti-oxidation activity, are highly stable and biocompatible in nature. Fungi-mediated nanoparticle biosynthesis is more advantageous as compared to bacterial synthesis. Fungi secrete large amounts of enzymes, whereas the enzyme secretion of yeasts is weak. Here, we have reported the recent advancements and future implications in the field of gold nanoparticle production and applications. [ABSTRACT FROM AUTHOR]