As the Internet of Things (IoT) becomes more widespread, wearable smart systems will begin to be used in a variety of applications in people’s daily lives, not only requiring the devices to have excellent flexibility and biocompatibility, but also taking into account redundant data and communication delays due to the use of a large number of sensors. Fortunately, the emerging paradigms of near-sensor and in-sensor computing, together with the proposal of flexible neuromorphic devices, provides a viable solution for the application of intelligent low-power wearable devices. Therefore, wearable smart systems based on new computing paradigms are of great research value. This review discusses the research status of a flexible five-sense sensing system based on near-sensor and in-sensor architectures, considering material design, structural design and circuit design. Furthermore, we summarize challenging problems that need to be solved and provide an outlook on the potential applications of intelligent wearable devices.