This review covers the progress of nanomaterial-modified electrodes for enzymatic and non-enzymatic glucose biosensors. Fundamental insights into glucose biosensor components and the crucial factors controlling the electrochemical performance of glucose biosensors are discussed in detail. The metal, metal oxide, and hybrid/composite nanomaterial fabrication strategies for the modification of electrodes, mechanism of detection, and significance of the nanomaterials toward the electrochemical performance of enzymatic and non-enzymatic glucose biosensors are compared and comprehensively reviewed. This review aims to provide readers with an overview and underlying concept of producing a reliable, stable, cost-effective, and excellent electrochemical performance of a glucose biosensor.