Paclitaxel (PTX) is an effective anticancer chemical with a broad spectrum that was primarily obtained from a curative shrub, specifically the bark of Taxus brevifolia tree. It belongs to a group of drugs known as diterpenetaxanes, which are now the most widely used as chemotherapy drugs. These include ovarian cancer, breast cancer, nonsmall cell-lung cancer, neck cancer, Kaposi's sarcoma, head cancer and urologic cancer. Clinical studies have proven that it has anti-cancer effects against ovarian, lung, and breast cancer. This chemical is difficult to use due to its limited solubility, propensity to recrystallize after diluting, and cosolvent-induced toxicity. In some circumstances, nanotechnology and nanoparticles offer several benefits over free pharmaceuticals, improved half-life of drug, decreased toxicity, affected and discerning drug delivery. Nano-drugs can accumulate in tissues, which may be associated with increased permeability, retention, and anticancer activity while having low toxicity in healthy tissues. Information on paclitaxel's chemical make-up, formulations, mode of action, and toxicity is provided in this article. The value of nanoparticles containing paclitaxel, its possibilities, and its potential for the future are all brought up. In order to enhance the pharmacodynamic and pharmacokinetic characteristics of the chemotherapeutic paclitaxel medication, nanotechnology is being focused in this review article to provide a general summary of the current status of continuing therapeutic progress. More importantly, a thorough review on the potential of various nanocarriers including polymeric, lipid-based, inorganic and carbon-based nanostructures has been provided to assess their applicability in PTX delivery, comparatively. Our goal was to demonstrate how these different types of nanocarriers can contribute to improving the therapeutic efficiency of PTX as a chemotherapeutic agent.