The blood–brain barrier (BBB) has a significant contribution to homeostasis and protection of the CNS. However, it also limits the crossing of therapeutics and thereby complicates the treatment of CNS disorders. To overcome this limitation, the use of nanocarriers for drug delivery across the BBB has recently been exploited. Nanocarriers can utilize different physiological mechanisms for drug delivery across the BBB and can be modified to achieve the desired kinetics and efficacy. Consequentially, several nanocarriers have been reported to act as functional nanomedicines in preclinical studies using animal models for human diseases. Given the rapid development of novel nanocarriers, this review provides a comprehensive insight into the most recent advancements made in nanocarrier-based drug delivery to the CNS, such as the development of multifunctional nanomedicines and theranostics.