<p>Global health problems are linked to the huge production of waste in daily life with an increased population. If current trends continue, global trash generation may exceed 3.40 billion tons per annum by 2050. Therefore, it is an alarming concern that there is a need for safe disposal of waste and recycling for waste management. In this circumstance, scientists have done great ventures to transform different wastes into nanomaterials in a different way even focusing on green technology. Different types of nanodrug delivery systems including carbon dots, cellulose nanoparticles, nanogel, pH-responsive nanoparticles, redox-sensitive nanoparticles, self-emulsifying nanodrug delivery systems, nanocrystals, and nanofiber have been successfully prepared from agricultural (crops, vegetables, fruits, leaves, etc.), animal (cattle, marine animals, fish, human hairs), plastic, and industrial (silk industry, battery industry, electrical industry, etc.) wastes. The drug delivery aspects of waste-recycled nanomaterials have been expanded in the domain of diagnosis as well. Interestingly, few waste-recycled nanoparticles have been found beneficial for photothermal therapy along with theranostic characteristics which have been described in this review. Different governing mechanisms and methods used for the development of waste-based nanoparticles and nanocomposites for drug delivery have been discussed. The life-cycle viewpoint in the clinical translation and sustainable valorization of the wastes has been pointed out along with the general considerations.</p> Graphical Abstract <p></p>