Nanotechnology has revolutionized the field of nano-based formulations which plays an integral role in the field of drug delivery, cosmetics, biomedical, bioengineering, and pharmaceutical industry. Specifically, nanoformulations of protein-based origin like silk serve as a diagnostic tool for offering the exceptional properties of biocompatibility, improved bioavailability, stability as well as precise targeting which minimize side effects and facilitate site-specific delivery with controlled release of novel medication. The silk is mainly obtained from silkworm like Bombyx mori and some species of spiders. For excellent studies, these silk proteins are formulated into nanoparticles acting as an efficient drug delivery system applied in wound healing, tissue engineering, and cosmetic sectors. It is also a very convenient vehicle for magnetic resonance (MR) applications to overcome the issue of clumping and also exploited in theranostic approaches combining therapeutic medication with diagnostic imaging for cancer treatment by MRI-guided photothermal therapy. Further, enhancement in cell loading, guaranteeing biosafety and clinical trials necessitates additional experimental investigation and valuation. Overall, groundbreaking innovations in silk nanoformulations hold promise to unlock new techniques for more effective therapies and distinctive multidisciplinary capabilities in various fields.