Nanomaterials, possessing grain size of the order of 10-100nm, exhibit novel electrical, magnetic and optical properties and characteristics than that of the corresponding bulk materials, due to quantum size effects and large surface to volume ratios. These novel properties of nanomaterials have generated great amount of interest in the synthesis and the applications in chemistry, physics, biology, electronics, information technology, optical communication networks etc. This is an attempt to provide simple and novel synthesis techniques using chemical route to synthesize shape and size controlled various functional nanoparticles of metals, oxides and DMS nanomaterials. Present work articulates various characterization techniques, which will be useful to the material scientists, engineers and the students who intend to pursue research.