Recent COVID-19 pandemic situation caused due to the novel severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) affected global health as well as economics. There is global attention on prevention, diagnosis as well as treatment of COVID-19 infection which would help in easing the current situation. The use of nanotechnology and nanomedicine has been considered to be promising due to its excellent potential in managing various medical issues such as viruses which is a major threat. Nanoparticles have shown great potential in various biomedical applications and can prove to be of great use in antiviral therapy, especially over other conventional antiviral agents. This review focusses on the pathophysiology of SARS-CoV-2 and the progression of the COVID-19 disease followed by currently available treatments for the same. Use of nanotechnology has been elaborated by exploiting various nanoparticles like metal and metal oxide nanoparticles, carbon-based nanoparticles, quantum dots, polymeric nanoparticles as well as lipid-based nanoparticles along with its mechanism of action against viruses which can prove to be beneficial in COVID-19 therapeutics. However, it needs to be considered that use of these nanotechnology-based approaches in COVID-19 therapeutics only aids the human immunity in fighting the infection. The main function is performed by the immune system in combatting any infection.