The present overview of spin-dependent phenomena in nonmagnetic semiconductor microparticles (MPs) and nanoparticles (NPs) with interacting nuclear and electron spins is aimed at covering a gap between the basic properties of spin behavior in solid-state systems and a tremendous growth of the experimental results on biomedical applications of those particles. The first part of the review represents modern achievements of spin-dependent phenomena in the bulk semiconductors from the theory of optical spin orientation under indirect optical injection of carriers and spins in the bulk crystalline silicon (c-Si)—via numerous insightful findings in the realm of characterization and control through the spin polarization—to the design and verification of nuclear spin hyperpolarization in semiconductor MPs and NPs for magnetic resonance imaging (MRI) diagnostics. The second part of the review is focused on the electron spin-dependent phenomena in Si-based nanostructures, including the photosensitized generation of singlet oxygen in porous Si and design of Si NPs with unpaired electron spins as prospective contrast agents in MRI. The experimental results are analyzed by considering both the quantum mechanical approach and several phenomenological models for the spin behavior in semiconductor/molecular systems. Advancements and perspectives of the biomedical applications of spin-dependent properties of Si NPs for diagnostics and therapy of cancer are discussed.