Today is the era of nanoscience and nanotechnology, which finds applications in the field of medicine, electronics, or environmental cleanup. Even though the nanotechnology is in its emerging phase, but still it provides solutions to numerous challenges. Nanotechnology and nanoparticles are found very effective because of their unique chemical and physical properties, high surface area, but their high cost is one of the major hurdles in its wider application. So, the synthesis of nanomaterials especially 2D nanomaterials from the industrial, agricultural and other biological activities could provide a cost-effective technique. The nanomaterials synthesized from such waste not only minimizes the pollution but also provides an eco-friendly approach towards the utilization of the waste. In the present review work, the emphasis has been given on the types of nanomaterials, different methods for the synthesis of 2D nanomaterials from the waste generated from industries, agriculture and their application in electronics, medicine and catalysis.