The past two decades have seen a dramatic raise in the number of investigations leading to the development of Lab-on-a-Chip (LOC) devices for synthesis of nanomaterials. A majority of these investigations are focused on inorganic nanomaterials comprising of metals, metal oxides, nanocomposites and quantum dots. Herein, we provide an analysis of the field, especially, considering the more recent developments in this new decade. We made an attempt to bring out the differences between chip-based and tubular continuous flow systems. We also cover, for the first time, the opportunities the computational fluid dynamics provide in designing LOC systems for synthesis. Particularly, we provide unique examples to demonstrate that there is a need for concerted effort to utilize the LOC devices not only for synthesis of inorganic nanomaterials but also for carrying out superior in vitro studies enabling faster clinical translation. Even though LOC devices with the possibility to carry out multi-step syntheses have been designed, surprisingly, such systems have not been utilized for carrying out simultaneous synthesis and bio-functionalization. While traditionally, the LOC devices are primarily based on microfluidic systems, in this review article, we make case for utilizing the millifluidic systems for more efficient synthesis, bio-functionalization and in vitro studies of inorganic nanomaterials tailor-made for biomedical applications. Finally, recent advances in the field clearly point out the possibility for pushing the boundaries of current medical practices towards personalized health care with a vision to develop automated LOC-based instrumentation for carrying out simultaneous synthesis, bio-functionalization and in vitro evaluation of inorganic nanomaterials for their faster clinical translation.