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Green nanotechnology is very effective, emerging, and eco-friendly in the modern scientific field. Currently it is materializing an ample range of nanoparticles synthesized through various methods, that is, physical (thermal), chemical, and biological (using microbes, fungi, plant extract). Recently utilization of nanoparticles has been made in every field of commercialization due to their immense physicochemical properties and beneficial point of views. Nanoagriculture is a young field which is associated with novel nanopesticides, nanofertilizers for crop protection, nanosensors to track the precision farming and pathogens, and stress tolerating nanoparticles to maintain the soil conditions. There is increasing employment of nanoparticles in the food industries in food safety, packaging, self-life extension, detection of pathogens, and processing of food and food products. In addition to biological methods, myconanotechnology has acquired tremendous attention for the fabrication of a wide range of nanoparticles and nanomaterials. Verticillium sp., Aspergillus flavus, Aspergillus fumigatus, Phanerochaete chrysoparium, and Fusarium oxysporum have been reported for the biosynthesis of metal NPs in an efficient manner. In this review the mycogenic synthesis of nanoparticles and nanomaterial is discussed along with its mechanism and potential for application in agricultural sectors and food industries.