Annually, cancer accounts for a large number of mortalities worldwide, underscoring the imperative for early‐stage detection as a public health priority. This article not only offers an in‐depth analysis of the synthesis, fabrication, design, and structural attributes of these nanomaterials but also provides a critical evaluation of their application in various electrochemical biosensing modalities, including amperometry, impedimetric, photoelectrochemical, potentiometric, and field‐effect transistor‐based sensors. A primary focus is placed on the importance of nanomaterials‐based biosensors in detecting cancer biomarkers, emphasizing their role in achieving enhanced sensitivity and specificity for detecting circulating tumor cells, nucleic acids, proteins, and exosomes, which are crucial indicators of malignancy. The article offers valuable insights into the detection of these biomarkers. It details their significance and relevance in the early diagnosis of various cancer types with nanomaterial‐enhanced electrochemical biosensors’ stability, reusability, and conductivity, shedding light on their practical applicability in real‐world scenarios. The manuscript concludes by addressing existing challenges and outlining prospective avenues for future research, emphasizing the need for continued innovation and exploration in this burgeoning field.