Nanoselenium is a promising selenium supplement as aresult ofits low toxicity and high bioavailability. However, the understandingon the preparation, stability, bioavailability, possible risks, andrelated underlying mechanisms of nanoselenium is not in-depth. Thus,the above aspects were reviewed on the basis of the latest literature.The reducing capacity and stability of the reducing agent and bindingforce between nanoselenium and the template decide the nanoseleniumstability. Although research on nanoselenium application in food,agriculture, livestock, and aquaculture has been widely carried out,it is not widely applied in the fields. Se-containing amino acidsare synthesized using nanoselenium adsorbed by organisms, and theyconstitute Se-containing proteins with other amino acids, which improvesthe health of organisms via scavenging excessive radicals. Notably,excessive nanoselenium intake generates redundant Se-containing aminoacids, leading to dysfunction of key proteins in organisms, and itstoxic doses vary with organisms. Furthermore, some issues relatedto nanoselenium still need to be solved urgently.