Heavy metal ions (HMIs) have acute toxic effects on health and are dangerous for human existence and the ecosystem. Therefore, their sensitive and selective detection is of great importance. In recent years, various nanocomposite materials have been used by researchers for the detection of HMIs by using various modalities of electrochemical techniques. This review summarizes the recent advances in developing electrochemical sensors based on numerous nanocomposite materials for detecting HMIs. Nanocomposite materials, such as metal–organic frameworks (MOFs), organic conducting polymer (OCPs), carbon nanotubes (CNTs), graphene oxide (GO), graphene/reduced graphene oxide (rGO), graphitic carbon nitride, metal oxide, chitosan, MXenes, metal nanoparticle-based nanocomposites, etc., have been explored by various researchers to improve the sensing properties of electrochemical sensors. This review emphasizes nanocomposite materials’ synthesis and characterization techniques, modalities for HMI detection using electrochemical techniques, and electrochemical sensors. Moreover, this review highlights the development of portable biosensors for detecting HMIs in real-world scenarios, such as environmental monitoring, food safety, and clinical diagnosis. This review also demonstrates the importance of electrochemical sensors based on nanocomposite materials as a reliable, sensitive, and selective tool for detecting HMIs.