The science and technology of nanomaterials has created great excitement and expectations in the last few years. The past few decades have seen an explosive increase in our ability to create nanostructures and nanosystems with a great degree of control, using a diversity of techniques. This ability has been accompanied by a similar enhancement in our ability to characterize structures and systems at the nanoscale. Nanoelectronics refer to the use of nanotechnology in electronic components. The term covers a diverse set of devices and materials, with the common characteristic that they are so small that inter-atomic interactions and quantum mechanical properties need to be studied extensively. Some of these candidates include: hybrid molecular/semiconductor electronics, one-dimensional nanotubes/nanowires, or advanced molecular electronics. This article examines the important facets of nanomaterials research, highlighting the current trends and future directions. It covers structural characteristics and properties of nanostructures, nanofabrication techniques, methods for characterizing nanostructures, and applications for nanomaterials. The article also provides a thought-provoking assessment of the possible implications of nanotechnology in society, and likely future trends.