This review presents the state of the art of interactions between two different families of nanoobjects: nanoparticles—mainly metal nanoparticles, and dendrimers—mainly phosphorhydrazone dendrimers (or dendrons). The review firstly presents the encapsulation/protection of existing nanoparticles (organic or metallic) by phosphorus-based dendrimers and dendrons. In the second part, several methods for the synthesis of metal nanoparticles, thanks to the dendrimer that acts as a template, are presented. The properties of the associations between dendrimers and nanoparticles are emphasized throughout the review. These properties mainly concern the elaboration of diverse types of hybrid materials, some of them being used as sensitive chemosensors or biosensors. Several examples concerning catalysis are also given, displaying in particular the efficient recovery and reuse of the catalytic entities.