This system and method for producing nanomaterials allows for the production of relatively high concentrations of nanoparticles with a minimum of expense, time and energy. Ultrasonic waves, produced at a power of approximately 50 W with a frequency of 26.23 kHz, are projected on a material sample while, simultaneously, a fluid stream jet is projected on the material sample. The ultrasonic waves, in the presence of the fluid jet, create cavities that explode at the surface of the solid material, leading to creation of cracks in the material surface. With the increase in the number of cracks in the material, the solid material erodes. The eroded material, which is on the nanometer scale, is collected on a suitable substrate, such as silicon. This method allows for the preparation of nanoparticles from any solid material, in particular very hard materials, such as diamond, silicon carbide and the like.