In line with Moore's Law, the disciplines of nanoscience and nanotechnology not only address the demands for miniaturization but also improve the efficacy of working devices. There are numerous synthesis methods to produce and replicate the desired nanostructures. However, certain chemical and physical limitations hinder the fabrication of a wide range of desired nanostructures. A complementary approach to conventional synthesis is to modify the pre-fabricated nanomaterials by introducing energy in a specific environment. This could lead to the development of metastable phases in nanomaterials/nanostructures characterized by unique or even extraordinary structural, electrical, optical, or magnetic properties and functionalities. In this work, ion irradiation is studied as such a method providing a form of external energy modifying the nanoparticle and its adjacent environment. The conventional understanding of ion irradiation is coupled to phenomena such as sputtering, ion beam mixing, and ion channeling in bulk and thin film materials. However, if the issued materials are nanoparticles, the interplay of ion-induced processes and effects requires a significant adjustment of our understanding. Particularly, When the penetration depth of the ion matches the size of the nanoparticle, enhanced sputtering occurs due to the high surface to volume ratio of the nanoparticle. Although sputtering has been studied for a range of nanomaterials, there is a need for more research, particularly on multicomponent materials and different morphologies. When it comes to multicomponent materials, the interaction between sputtering behavior and ion beam mixing presents a unique dynamic that differs from that of single-component material.