Wide-ranging research efforts have been directed to prioritize scientific and technological inventions for healthcare monitoring. In recent years, the effective utilization of functional nanomaterials in various electroanalytical measurements realized a rapid, sensitive, and selective detection and monitoring of a wide range of biomarkers in body fluids. Owing to good biocompatibility, high organic capturing ability, strong electrocatalytic activity, and high robustness, transition metal oxide-derived nanocomposites have led to enhancements in sensing performances. The aim of the present review is to describe key advancements of transition metal oxide nanomaterials and nanocomposites-based electrochemical sensors, along with current challenges and prospects towards the development of a highly durable and reliable detection of biomarkers. Moreover, the preparation of nanomaterials, electrode fabrication, sensing mechanism, electrode-bio interface, and performance of metal oxides nanomaterials and nanocomposite-based sensor platforms will be described.