Nanoagrochemicals, such as nanopesticides, nanofertilizers or plant growth stimulating nanosystems, were primarily designed to increase solubility, enhance bioavailability, targeted delivery, controlled release and/or protection against degradation resulting in the reduced amount of applied active ingredients and finally in a decrease of dose-dependent toxicity/burden. This paper is a comprehensive up-to-date review related to the preparation and the biological activity of nanoformulations enabling gradual release of active ingredient into weeds and the body of pests and controlled release of nutrients to plants. The attention is also devoted to the decrease of direct environmental burden and economic benefits due to application of nanoformulations, where less amount of active ingredient is needed to achieve the same biological effect in comparison with bulk. The application of nanotechnology in the areas such as food packaging, food security, encapsulation of nutrients and development of new functional products is analysed. The use of nanoparticles in biosensors for detection of pathogens and contaminants as well as in DNA and gene delivery is discussed as well. Benefits and health risks of nanoagrochemicals are highlighted, and special attention is given to nanoecotoxicology and guidelines and regulatory documents related to the use of nanoformulations in agriculture and food industry.