Biosensors have gained significant attention in various fields such as food processing, agriculture, environmental monitoring, and healthcare. With the continuous advancements in research and technology, a wide variety of biosensors are being developed to cater to diverse applications. However, the effective development of nanobiosensors, particularly the synthesis of nanomaterials, remains a crucial step. Many nanobiosensors face challenges related to instability and selectivity, making it difficult to achieve proper packaging. While some biosensors have been successfully implemented in commercial settings, there is a pressing need to address their limitations and advance their capabilities. The next generation of biosensors, based on nanomaterials, holds promise in overcoming these challenges and enhancing the overall performance of biosensor devices. The commercial viability of these biosensors will rely on their accuracy, reliability, and cost-effectiveness. This review paper provides an overview of various types of nanomaterials and their applications in the development of nanobiosensors. The paper highlights a comparison of different nanomaterial-based biosensors, discussing their advantages, limitations, and performance characteristics.