Nanoscience and nanotechnology are already improving our lives in numerous ways. The aim of this paper is to give an insight into the vast array of their potential future uses, as well as current applications, and present the major breakthroughs, which made their development possible. A special section is reserved for the development in the field of microelectronics, which is facing numerous challenges due to the downsizing of devices to the nanometre level. Current situation in microelectronics industry and predictions for the next few years are presented. Furthermore, the use of nanotechnology and future prospects in the fields of medicine, energetics, environmental protection and transport arc described. A significant part of this paper is devoted to the field of electronics and information technology, where some potential nanotechnological solutions for the challenges of microelectronics are implied. The use of carbon nanotubes in logic circuits and memory applications is presented. The basic principle of single-electron transistor is also described. Basic onc.epts of the use of spintronics in magnetoresistive random access memory (MRAM) structures are explained. Memristor is also pr: rented as an important future prospect. In the last part, the investments in nanotechnology and nanoscience under the funding programmes of European Union are presented, followed by some predictions of these fields future development. However, the review paper focuses only on positive effects of the use of nanotechnology, and thus does not discuss its possible negative impact on public health and environment.