In the coming decades there will be increasing pressure on global food systems, and agriculture will have the challenge to provide food security for a growing world population without impacting environmental security. Accordingly, it will be necessary to use modern technologies in agroecosystems in order to supply sufficient food and decrease the negative impacts on the environment induced by chemical fertilization and by inadequate disposal or reuse of agricultural wastes. A combination of biotechnology and nanotechnology has the potential to revolutionize agricultural systems and provide solutions for current and future problems. These include the development and use of smart fertilizers with controlled nutrient release, together with bioformulations based on bacteria or enzymes. This study was designed to provide a critical review of information related to current food security issues and the role of smart fertilizer development in future food production. We concentrate on advances in the development of controlled-release biofertilizers and the use of harvesting residues as coating and carrier materials.