ZnO is a material which is of great interest for a variety of applications due to its unique properties and the availability of a variety of growth methods resulting in a number of different morphologies and a wide range of material properties of synthesized nanostructures. In this review, we will discuss recent advances in important and/or controversial issues concerning ZnO properties and its applications. We will also discuss areas where further improvements are needed, and in particular discuss the issues related to the environmental stability of ZnO and its implications on reproducibility of measurements and the toxicity of ZnO nanomaterials.