Compound nanoparticles are the nanoparticles that are prepared from two or more elements or the compounds of two or more elements. The use of nanoparticles and nanotechnology has become a big business. These nanoparticles have unique properties depending on the constituent elements. These nanoparticles have a tiny size with high surface area and are lighter, reactive, conductive, corrosion-resistant, hard, ductile, and many more tailor-made properties. These nanoparticles with customized properties are viable to use across several industries from household product industries to highly specialized products industries such as computers, laptops, and other IT applications. They are used in cosmetics, agriculture, automobile, construction, electronics, environment, food, home appliances, petroleum, printing, renewable energies, sports & fitness, textile, and alloy industries. They are also extensively used as catalysts in various industries. They are also being used to enhance fuel production efficiency and reduce consumption in engines and power plants. Nowadays, these nanoparticles are being tested as well as used in pharmaceuticals and in the treatment of several diseases.