Identifying disease biomarkers and detecting hazardous, explosive, flammable, and polluting gases and chemicals with extremely sensitive and selective sensor devices remains a challenging and time-consuming research challenge. Due to their exceptional characteristics, semiconducting metal oxides (SMOxs) have received a lot of attention in terms of the development of various types of sensors in recent years. The key performance indicators of SMOx-based sensors are their sensitivity, selectivity, recovery time, and steady response over time. SMOx-based sensors are discussed in this review based on their different properties. Surface properties of the functional material, such as its (nano)structure, morphology, and crystallinity, greatly influence sensor performance. A few examples of the complicated and poorly understood processes involved in SMOx sensing systems are adsorption and chemisorption, charge transfers, and oxygen migration. The future prospects of SMOx-based gas sensors, chemical sensors, and biological sensors are also discussed.