During the last two decades qualitative changes have taken place in the world of materials science and related areas because of the advent of Nanoscience and Technology. This is mainly because of two reasons: nanoscale materials exhibit different physical and chemical properties and these can be exploited into a number of exotic fields of applications. Many new phenomena have been discovered and utilized to develop novel technologies. Understanding the reasons for the evolution of such novel properties is really challenging and exciting from the fundamental reasons. In the materials aspects a number of new domains have been opened up including multiferroic and spintronic materials. Carbon nanotubes and related structures are one of the central materials in the area of nanotechnology. In this introductory talk some fundamental aspects of these fields as well as some recent results will be discussed.