Zinc oxide has been increasingly gaining popularity due to its various multifunctional features and applications in nanotechnology. Zinc oxide nanoparticles (ZnO NPs) are versatile, as these are utilized in multiple areas like gas sensing, biomedical applications, rubber composites, cosmetics formulations, food, and agriculture industry, etc. ZnO NPs have excellent features like biocompatibility, electrochemical activities, chemical stability, non-toxic nature, high surface area, high-electron communicating properties, ease of synthesis, and many more. This review paper comprehensively explores the advancements and trends of synthesis, characterization, and industrial applications of ZnO NPs. Synthesis methods including physical, chemical, and green manner are discussed herewith. General exploration of fields and applications, with special emphasis on rubber, biomedical, and sensors has been elucidated. Investigators have emphasized the photocatalytic applications, of the ZnO NPs especially in the removal of pollutants from wastewater. Further emphasizing the need for eminent research to unlock the full potential of ZnO NPs in commercializing from the laboratory to the industry.