A flash memory device with a nanoscale floating gate and a method of manufacturing thereof are disclosed. At least one embodiment of the present invention provides a much simpler and easier method of manufacturing nanocrystals (or nanocrystallines) for the flash memory device than the conventional method. Since the nanocrystals are homogeneously dispersed as a polymer layer without agglomeration, size and density of the nanoparticles may be controlled. Additionally, one embodiment of the present invention provides memory devices with nanoscale floating gates, and related methods of manufacture, of high efficiency and cost effectiveness by employing electrically and chemically more stable nanoscale floating gates compared to conventional ones.