1 EXHIBIT 23.1 CONSENT OF INDEPENDENT AUDITORS We consent to the reference to our firm under the caption "Experts" and to the use of our report dated October 24, 1997 in Amendment No. 4 to the Registration Statement (Form S-1 File No. 333-36937) and related Prospectus of Nanophase Technologies Corporation dated November 26, 1997 for the sale of 4,000,000 shares of its Common Stock. /s/ ERNST & YOUNG LLP Ernst & Young LLP Chicago, Illinois November 25, 1997