The ambition to combat the issues affecting the environment and human health triggers the development of biosynthesis that incorporates the production of natural compounds by living organisms via eco-friendly nano assembly. Biosynthesized nanoparticles (NPs) have various pharmaceutical applications, such as tumoricidal, anti-inflammatory, antimicrobials, antiviral, etc. When combined, bio-nanotechnology and drug delivery give rise to the development of various pharmaceutics with site-specific biomedical applications. In this review, we have attempted to summarize in brief the types of renewable biological systems used for the biosynthesis of metallic and metal oxide NPs and the vital contribution of biogenic NPs as pharmaceutics and drug carriers simultaneously. The biosystem used for nano assembly further affects the morphology, size, shape, and structure of the produced nanomaterial. The toxicity of the biogenic NPs, because of their pharmacokinetic behavior in vitro and in vivo, is also discussed, together with some recent achievements towards enhanced biocompatibility, bioavailability, and reduced side effects. Because of the large biodiversity, the potential biomedical application of metal NPs produced via natural extracts in biogenic nanomedicine is yet to be explored.