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Nanoparticles (NPs) bear unique properties that leads to its immense application in diverse domains. But excessive use of metal oxide nanoparticles (MONPs) in various industrial sectors may lead to detrimental impacts on our environment in the near future. Among NPs, applications of nanoiron in various industrial sectors are gradually increasing and its interaction with the soil-plant system is an area still to be explored. In this review, we have focused upon positive as well as the negative impact of nanoiron in plants. As per available literature, it is evident that higher concentration of nanoiron causes oxidative stress while lower concentration leads to plant growth promotion. In addition to this, review also highlights the uptake, translocation and accumulation of nanoiron in plant system which subsequently leads to alterations in the morpho-physiological, biochemical and molecular traits of plants. Moreover, various factors contributing towards the translocation of nanoiron in shoot and root system of plants has been duly discussed.