Osteoarthritis (OA) is very common among the elderly, affecting 33% of people aged 60 to 70 and 43.7% of those over 80. This high prevalence emphasizes the importance of appropriate treatment and management measures for an aging population. Both non-pharmacological and pharmaceutical treatments are employed for OA non-pharmacological treatments, such as physiotherapy and exercise, are intended to improve joint function and alleviate symptoms whereas nonsteroidal anti-inflammatory medications, opioids, and glucocorticoids are all pharmacological treatments that help with pain and inflammation management. Medications that help control inflammation and lessen pain include glucocorticoids, opioids, and non-steroidal anti-inflammatory drugs (NSAIDs). NSAIDs can reduce pain by 30–40%, but prolonged usage might cause serious negative effects. Joint replacement surgery is still the only choice for severe instances when other therapies fail to offer relief. Hence due to the limitations of the current available therapies, there is an urgent need for therapeutic techniques that can successfully reduce the progression of OA and avoid irreversible cartilage deterioration. Nanotechnology has tremendous potential due to its excellent biocompatibility and degradability, as well as the ability to provide specific therapeutic molecules. Drugs can be delivered to targeted locations using nanoparticle-based drug delivery systems, increasing therapeutic benefits and reducing unintended side effects. Thus, incorporating nanotechnology into OA therapy is a promising area that could lead to more effective and precise treatment.