1




                                                                      EXHIBIT 23

                         CONSENT OF INDEPENDENT AUDITORS

         We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 333-53445) pertaining to the Nanophase Technologies
Corporation Amended and Restated 1992 Stock Option Plan of our report dated
February 8, 2000, with respect to the financial statements and schedule of
Nanophase Technologies Corporation included in this Annual Report (Form 10-K)
for the year ended December 31, 1999.

                                /S/ ERNST & YOUNG LLP
                                ---------------------
                                Ernst & Young LLP


Chicago, Illinois
March 28, 2000