Biosensor is a device which combines a physical transducer and biological active elements. The biological active element recognizes the specific analyte and produces biorecognized signal, which is further converted into a measurable signal by using an appropriate physical transducer. This review paper attempts in providing a comprehensive survey of the topic biosensor and due to its selectivity and sensitivity, biosensors are mostly widely used than other diagnostic devices. Because of its important features like selectivity, sensitivity, stability, reproducibility, linearity, and low cost, biosensors have a wide range of applications. This range includes their usage in disease detection, environmental monitoring, drug discovery, prosthetic devices, food safety, agricultural industry, and many more. Furthermore, this review discusses the various biosensors and its operations. Afterwards, with a summarized history of biosensors, further prospects have been described to present the usage of nanomaterials in biosensors. Various simulation software used to design the biosensor model are discussed in the end of the review.