The extensive applicability of engineered nanoparticles (ENPs) in various fields such as environment, agriculture, medicine or biotechnology has mostly been attributed to their better physicochemical properties as compared with conventional bulk materials. However, functions and biological effects of ENPs change across different scenarios which impede the progress in their risk assessment and safety management. This review thus intends to figure out whether properties of ENPs can be indicators of their behavior through summarizing and analyzing the available literature and knowledge. The studies have indicated that size, shape, solubility, specific surface area, surface charge and surface reactivity constitute a more accurate measure of ENPs functions and toxic effects in addition to mass concentration. Effects of ENPs are also highly dependent on dose metrics, species and strains of organisms, environmental conditions, exposure route and duration. Searching correlations between properties and functions or biological effects may serve as an effective way in understanding positive and negative impacts of ENPs. This will ensure safe design and sustainable future use of ENPs.