The intrinsic properties of Ge in tandem with advances in its nanostructuring have resulted in its increased attention in a variety of fields as an alternative to traditional group 12-14 and 14-16 nanoparticles (NPs). The small band gap and size-dependent development of the optical properties in tandem with their good charge transport properties make Ge NPs a suitable material for optoelectronic devices. The low toxicity of Ge, together with its IR photoluminescence (PL) that overlaps with desirable biological optical windows used for tissue imaging, allows the exploitation of these materials in the field of bioimaging and as drug carriers. In addition, the ability of germanium to both exhibit high mechanical stability in its NP form and alloy with lithium and sodium metals has led to it being a highly attractive material for next-generation lithium ion and beyond-lithium batteries. While it is attracting considerable attention in a variety of areas, research on Ge NPs is still relatively nascent. Fundamental aspects of this material, such as its Bohr radius and the origin of different observed PLs, are still under debate. Moreover, the ability to produce Ge NPs with controlled dimensions and morphology is not yet as mature as for other classes of nanomaterials. In this review, the mechanisms and origins of these properties will be introduced, which we then relate to specific applications presented in the literature.