There is a continuing need for tools and devices which can simplify, quicken and reduce the cost of analyses of food safety and quality. Chemical sensors and biosensors are increasingly being developed for this purpose, reaping from the opportunities provided by nanotechnology. Due to the distinct electrical and optical properties of silver nanoparticles (AgNPs), this material plays a vital role in (bio)sensor development. This review is an analysis of chemical sensors and biosensors based on silver nanoparticles with application in food and beverage matrices. It consists of academic research published from 2015 to 2020. The paper is structured to separately explore the designs of two major (bio)sensor classes: electrochemical (including voltammetric and impedimetric sensors) and optical sensors (including colorimetric and luminescent), with special focus on the type of silver nanomaterial and its role in the sensor system. The review indicates that diverse nanosensors have been developed, capable of detecting analytes such as pesticides, mycotoxins, fertilizers, microorganisms, heavy metals, and various additives with exceptional analytical performance. Current trends in the design of such sensors are highlighted and challenges which need to be overcome in the future are discussed.