The cosmetic industry is dynamic and ever-evolving. Especially with the introduction and incorporation of nanotechnology-based approaches into cosmetics for evincing novel formulations that confers aesthetic as well as therapeutic benefits. Nanocosmetics acts via numerous delivery mechanisms which involves lipid nanocarrier systems, polymeric or metallic nanoparticles, nanocapsules, dendrimers, nanosponges,etc. Each of these, have particular characteristic properties, which facilitates increased drug loading, enhanced absorption, better cosmetic efficacy, and many more. This article discusses the different classes of nanotechnology-based cosmetics and the nanomaterials used for their formulation, followed by outlining the categories of nanocosmetics and the scope of their utility pertaining to skin, hair, nail, lip, and/or dental care and protection thereof. This review also highlights and discusses about the key drivers of the cosmetic industry and the impending need of corroborating a healthy regulatory framework, refocusing attention towards consumer needs and trends, inculcating sustainable techniques and tenets of green ecological principles, and lastly making strides in nano-technological advancements which will further propel the growth of the cosmetic industry.