This review contributes towards a systematic understanding of the mechanism of shape-dependent effects on nanoparticles (NPs) for elaborating and predicting their properties and applications based on the past two decades of research. Recently, the significance of shape-dependent physical chemistry and biomedicine has drawn ever increasing attention. While there has been a great deal of effort to utilize NPs with different morphologies in these fields, so far research studies are largely localized in particular materials, synthetic methods, or biomedical applications, and have ignored the interactional and interdependent relationships of these areas. This review is a comprehensive description of the NP shapes from theory, synthesis, property to application. We figure out the roles that shape plays in the properties of different kinds of nanomaterials together with physicochemical and biomedical applications. Through systematic elaboration of these shape-dependent impacts, better utilization of nanomaterials with diverse morphologies would be realized and definite strategies would be expected for breakthroughs in these fields. In addition, we have proposed some critical challenges and open problems that need to be addressed in nanotechnology. This review is a systematic description of shape-dependent effects on nanomaterials from theory, synthesis, property to application, meanwhile, elaborates and predicts the properties and applications of nanoparticles with diverse morphologies in physicochemical and biomedical fields.