Selenium (Se), being an essential micronutrient, enhances plant growth and development in trace amounts. It also protects plants against different abiotic stresses by acting as an antioxidant or stimulator in a dose-dependent manner. Knowledge of Se uptake, translocation, and accumulation is crucial to achieving the inclusive benefits of Se in plants. Therefore, this review discusses the absorption, translocation, and signaling of Se in plants as well as proteomic and genomic investigations of Se shortage and toxicity. Furthermore, the physiological responses to Se in plants and its ability to mitigate abiotic stress have been included. In this golden age of nanotechnology, scientists are interested in nanostructured materials due to their advantages over bulk ones. Thus, the synthesis of nano-Se or Se nanoparticles (SeNP) and its impact on plants have been studied, highlighting the essential functions of Se NP in plant physiology. In this review, we survey the research literature from the perspective of the role of Se in plant metabolism. We also highlight the outstanding aspects of Se NP that enlighten the knowledge and importance of Se in the plant system.