With the rapid development of nanotechnology, new nanomaterials with enormous potentials continue to emerge, especially metal nanomaterials. Metal nanomaterials possess the characteristics of metals and nanomaterials, so they are widely used in many fields. But at the same time, whether the use or release of metal nan4omaterials into the environment is toxic to human beings and animals has now attained widespread attention at home and abroad. Currently, it is an indisputable fact that cancer ranks among the top causes of death among residents worldwide. The properties of causing DNA damage and mutations possessed by these metal nanomaterials make them unpredictable influences in the body, subsequently leading to genotoxicity and carcinogenicity. Due to the increasing evidence of their roles in carcinogenicity, this article reviews the toxicological and carcinogenic effects of metal nanomaterials, including nano-metal elements (nickel nanoparticles, silver nanoparticles, and cobalt nanoparticles) and nano-metal oxides (titanium dioxide nanoparticles, silica nanoparticles, zinc oxide nanoparticles, and alumina nanoparticles). This article provides a reference for the researchers and policymakers to use metal nanomaterials rationally in modern industries and biomedicine.