Engineered nanoparticles (ENMs) are extensively used in varied consumer products. Along the period of usage for nano-enabled products, these nano particles can be released into the environment and get accumulated in the waste streams. Accidental or deliberate release of nanoparticles in the environment results into a new type of waste which is termed as nanowaste. In the framework of this review paper, details about nanowaste, challenges encountered during nanowaste management, Analysis of nanowaste along with methods for its efficient and methodical disposal are summarized. Suitable analytical methods for characterization of nanowaste form the backbone of the nanowaste management system. Various methods for nanowaste sampling, separation and quantification are used according to the nature of the nanomaterial. These methods are not sufficient as per the current requirement due to their inability to distinguish between ENMs and Naturally occurring Nanomaterials. Development and Standardization of analytical protocol is the need of the hour. Appropriate handling of nanowaste during its analysis and treatment becomes obligatory due to the hazards by nanoparticles on human life and the environment. Method of nanowaste disposal should be carefully chosen while keeping in mind the nature of the material, Post treatment requirements and disposal conditions. Currently, four methods are available, namely Incineration, Recycling, Landfilling and Organic treatment. Landfilling is usually known as the method of ultimate disposal, while other methods are usually followed by Landfilling or recycling at the end. With full regard of the current developments in this field, further work must be conducted for apposite characterization of the nanoparticles. Moreover, improvement of the current disposal methods, to minimize hazards and disposal costs is essential along with development of new methods.