Recent exponential growth in the development of nanomaterials (NMs) and nanoproducts is premised on the provision of novel benefits to the society—through the exploitation of their unique industrial and biomedical applications like medical imaging, fabrics in textiles, tissue engineering, nanocomposites, bioremediation, and biomedicine. These NMs and nanoproducts have increased in quantity and volume from few kilograms to thousands of tonnes over the last fifteen to twenty years, and their uncontrolled release into the environment is anticipated to grow dramatically in future. However, their potential impacts to the biological systems are unknown. Among the key present challenges in the waste management sector include the emergence of nanowastes; however, the effectiveness and the capability of the current systems to handle them are yet to be established. Because of limited studies on nanowastes management, in this paper, threefold objectives are pursued, namely; (i) to raise concerns related to the alarming increases of uncontrolled releases of NMs into the environment through nanowastes, (ii) examine the unique challenges nanowastes pose to the waste management systems—both from technological and legislative perspectives, and (iii) summarize results of the first nanowastes classification formalism in order to elucidate the potential challenges of waste streams containing nanoscale dimension materials to the present waste management paradigm. Finally, the article closes by summarizing several proactive steps of enhancing effective long-term and responsible management of nanowastes