Nanomedicine is a growing field where development of novel organic and inorganic materials is essential to meet the complex requirements for drug delivery. This includes biocompatibility, suitability for surface modifications, biodegradability, and stability sufficient to carry a drug payload through various tissues for the desired timespan. Porous silicon nanoparticles (pSi NP) are shown to have several beneficial traits in drug delivery in addition to a porous structure to maximize drug loading. The conventional synthesis of pSi NP using electrochemical etching is costly, time-consuming and requires large quantities of highly toxic hydrofluoric acid (HF). As such this research attempted a novel method to address these limitations. Mesoporous silicon nanoparticles were prepared by centrifugal Chemical Vapor Deposition (cCVD) without the use of HF. This process generated aggregates consisting of multiple primary particles fused into each other, similar to snowballs fused together in a snow-lantern (snowball pyramid). Our results demonstrated that the cCVD Si particles were versatile in terms of surface chemistry, colloidal stability, degradability, minimization of acute in vitro toxicity, and modulation of drug release. Dynamic light scattering, scanning electron microscopy, and cryogenic nitrogen adsorption isotherm measurements confirmed the overall size (210 nm), morphology, and pore size (14–16 nm) of the prepared materials. Agglomeration in phosphate-buffered saline (PBS) was minimized by PEGylation by a two-step grafting procedure that employed a primary amine linker. Finally, the release rate of a model drug, hydrocortisone, was evaluated with both PEGylated and pristine particles. Conclusively, these snow-lantern cCVD Si particles do indeed appear suitable for drug delivery.