The combination of nanomaterials and biological sensing elements to selectively recognize chemical or biological molecules has resulted in the development of novel nanobiosensors. Nanobiosensors offer several important advantages over conventional biological procedures, and could have a significant impact on humankind. Hence, the momentum toward building miniaturized, reliable, sensitive, and selective sensing instruments has focused on combining nanomaterials with biomolecules for detection of a wide range of analytes. In this article, we present an overview of the various nanomaterial-based biosensors that utilize different biological recognition elements for biomedical applications. In this review, several types of nanomaterial-based biosensors along with their applications are discussed, including the latest developments in the field of nanobiosensors for biomedical applications.