Smart sensing for aeronautical applications is a multidisciplinary process that involves the development of various sensor elements and advancements in the nanomaterials field. The expansion of research has fueled the development of commercial and military aircrafts in the aeronautical field. Optical technology is one of the supporting pillars for this, as well as the fact that the unique high-tech qualities of aircrafts align with sustainability criteria. In this study, a multidisciplinary investigation of airplane monitoring systems employing optical technologies based on optical fiber and nanomaterials that are incorporated into essential systems is presented. This manuscript reports the multifunctional integration of optical fibers and nanomaterials for aircraft sector discussing topics, such as airframe monitoring, flight environment sensing (from temperature and humidity to pressure sensing), sensors for navigation (such as gyroscopes and displacement or position sensors), pilot vital health monitoring, and novel nanomaterials for aerospace applications. The primary objective of this review is to provide researchers with direction and motivation to design and fabricate the future of the aeronautical industry, based on the actual state of the art of such vital technology, thereby aiding their future research.