The global concern over the possible consequences of the downsizing of plastic to microplastics (MPs) and nano plastics (NPs) needs to be addressed with a new conceptual framework. The transformation of plastics to MPs and NPs can be discussed in terms of fundamental physics principles applicable to micro and nanophase matter and colloidal science principles. Further, accurate and reliable detection and characterization of MPs and NPs are crucial for an extensive understanding of their environmental and ecological impacts. The other decisive factor that can classify MPs and NPs as hazardous to existing nanomaterials is discussing the cytotoxicity study on human cell lines. The human health risk assessment that might arise from the ingestion of MPs and NPs can be addressed about contrast agents used for medical imaging. However, the lack of standard analytical techniques for MPs and NPs measurement is an emerging challenge for analytical scientists due to their complex physicochemical properties, especially in environmental samples. This review article navigates readers through the point of origin of MPs and NPs and their interdisciplinary aspects. Biomedical applications of plastics and concerns over the toxicity of MPs and NPs are further analyzed. Moreover, the analytical challenges of MPs and NPs have been discussed with critical inputs. Finally, the worldwide efforts being made for creating a common platform of discussion on a different aspect of plastic pollution were taken into account.