The elevated concentrations of various trace metals beyond existing guideline recommendations in water bodies have promoted research on the development of various electrochemical nanosensors for the trace metals’ early detection. Inspired by the exciting physical and chemical properties of nanomaterials, advanced functional nanocomposites with improved sensitivity, sensitivity and stability, amongst other performance parameters, have been synthesized, characterized, and applied on the detection of various trace metals in water matrices. Nanocomposites have been perceived as a solution to address a critical challenge of distinct nanomaterials that are limited by agglomerations, structure stacking leading to aggregations, low conductivity, and limited porous structure for electrolyte access, amongst others. In the past few years, much effort has been dedicated to the development of various nanocomposites such as; electrochemical nanosensors for the detection of trace metals in water matrices. Herein, the recent progress on the development of nanocomposites classified according to their structure as carbon nanocomposites, metallic nanocomposites, and metal oxide/hydroxide nanocomposites is summarized, alongside their application as electrochemical nanosensors for trace metals detection in water matrices. Some perspectives on the development of smart electrochemical nanosensors are also introduced.