Nanomaterials unique properties at the nanoscale are revolutionizing industries, presenting economic and social implications at the same time. Nanomaterials remarkable strength, lightweight characteristic, and improved chemical reactivity enable the development of highly efficient products, such as high-performance batteries, advanced medical diagnostic devices, and powerful aerospace structures. This innovation can lead to cost savings, increased productivity, and the creation of new job opportunities. Furthermore, the adoption of nanomaterials can enhance the competitiveness of industries, fostering economic growth and technological leadership. However, the economic benefits are accompanied by challenges. This book chapter discusses on the economic and social implications associated with nanomaterials. The effects of nanomaterials have been studied on society, environment, health, economy, and ethics. In this study, various nanomaterials applications have been detailed such as healthcare, aerospace, energy, etc. The high cost of research and development in the production of nanomaterials can be a barrier for small- and medium-sized enterprises, potentially leading to market consolidation and reduced competition. Additionally, the regulatory norms for nanomaterials is still evolving, creating uncertainties for businesses and investors. Although, nanomaterials promise significant improvements in healthcare, environmental protection, and sustainable energy solutions, there are concerns about the environmental and health risks associated with the production, use, and disposal of nanomaterials.