Among a wide range of possible applications of nanotechnology in agriculture, there has been a particular interest in developing novel nanoagrochemicals. While some concerns have been expressed regarding altered risk profile of the new products, many foresee a great potential to support the necessary increase in global food production in a sustainable way. A critical evaluation of nanoagrochemicals against conventional analogues is essential to assess the associated benefits and risks. In this assessment, recent literature was critically analysed to determine the extent to which nanoagrochemicals differ from conventional products. Our analysis was based on 78 published papers and shows that median gain in efficacy relative to conventional products is about 20–30%. Environmental fate of agrochemicals can be altered by nanoformulations, but changes may not necessarily translate in a reduction of the environmental impact. Many studies lacked nano-specific quality assurance and adequate controls. Currently, there is no comprehensive study in the literature that evaluates efficacy and environmental impact of nanoagrochemicals under field conditions. This is a crucial knowledge gap and more work will thus be necessary for a sound evaluation of the benefits and new risks that nanoagrochemicals represent relative to existing products.