In recent years, there has been a rising trend in using nanoscale materials to develop nanocosmetics. Several types of nanomaterials are of supreme interest for applications in the cosmetic industry, owing to their unique structural, chemical, physical, physiochemical, and functional features, which are mostly lacking in non-nanoscale counterparts. Regardless of the materials type, shape, ... [Show full abstract] morphology, and composition, there are two main uses of nanomaterials in cosmeceutical products, i.e., (1) nanoconstructs as ultraviolet (UV) filters and (2) nanoconstructs as bioactive agents for topical and other cosmeceutical related products, e.g., moisturizers, hair care products, skincare, makeup, sunscreen, etc. In the former case, several types of nanoparticles, e.g., silver, gold, titanium, and zinc, have been used as UV filters or UV protectants that block or absorb UV light to protect the skin from harmful effects. In the second scenario applications, nanoliposomes are used as delivery vehicles. Thus, nanomaterials enriched nanocosmetics have been identified as potential next-generation cosmeceutical products for a blooming beauty that provides improved skin hydration, bioavailability, stability of the agent, and controlled UV occlusion. In spite of several noteworthy applications, safety considerations and regulatory aspects of nanomaterials in cosmetic products cannot be ignored, which are mostly lacking in the existing literature. Therefore, considering the above potentialities of nanomaterials and critiques, herein, we first reviewed the valuable aspects of nanoparticles and nanoliposomes as UV filters and delivery vehicles. The second half of the work focuses on the safety considerations and regulatory aspects of nanomaterials used in cosmetic formulations. Finally, the work is summed up with concluding notes and recommendations for future research that will be helpful for the material scientists to safely exploit the nanomaterials in commercial scale products.