Levitated optomechanics has great potential in precision measurements, thermodynamics, macroscopic quantum mechanics, and quantum sensing. Here we synthesize and optically levitate silica nanodumbbells in high vacuum. With a linearly polarized laser, we observe the torsional vibration of an optically levitated nanodumbbell. This levitated nanodumbbell torsion balance is a novel analog of the Cavendish torsion balance, and provides rare opportunities to observe the Casimir torque and probe the quantum nature of gravity as proposed recently. With a circularly polarized laser, we drive a 170-nm-diameter nanodumbbell to rotate beyond 1 GHz, which is the fastest nanomechanical rotor realized to date. Smaller silica nanodumbbells can sustain higher rotation frequencies. Such ultrafast rotation may be used to study material properties and probe vacuum friction.