This review briefly emphasizes the different detection approaches (electrochemical sensors, chemiluminescence, surface‐enhanced Raman scattering), functional nanostructure materials (quantum dots, metal nanoparticles, metal nanoclusters, magnetic nanomaterials, metal oxide nanoparticles, polymer‐based nanomaterials, and carbonaceous nanomaterials) and detection mechanisms. Furthermore, the emphasis of this review is on the integration of functional nanomaterials with optical spectroscopic techniques for the identification of various biomarkers (nucleic acids, glucose, uric acid, oxytocin, dopamine, ascorbic acid, bilirubin, spermine, serotonin, thiocyanate, Pb2+, Cu2+, Hg2+, F−, peptides), and cancer biomarkers (mucin 1, prostate specific antigen, carcinoembryonic antigen, CA15‐3, human epidermal growth factor receptor 2, C‐reactive protein, and interleukin‐6). Analytical characteristics of nanomaterials‐based optical sensors are summarized in the tables, providing the insights of nanomaterials‐based optical sensors for biomarkers detection. Finally, the opportunities and challenges of nanomaterials‐based optical analytical approaches for the detection of various biomarkers (inorganic, organic, biomolecules, peptides and proteins) are discussed.