Nanotechnology is a growing technology that has been marked as the most vital scientific and commercial venture across the world with great benefits. Globally many researchers are involved in the development of newer types of nanomaterials through modifications of various fabrication techniques. Nanofibers have been an emerging trend in the field of nanomaterials due to its unique physicochemical characteristics. Properties such as high surface area and high porosity absorbance ratio with the interconnected fibrous networks makes nanofibers unique. The current review explores the present status and upcoming advancements in the field of nanofiber technology. The article is focused on the various preparation techniques and applications in medicine, tissue engineering and regenerative medicine and pharmaceuticals. Despite the advancements, the limitations and future prospects in the area of nanofiber technology have been highlighted.