Progesterone (P4) is an important biomarker of various diseases. When P4 level exceeds the normal value, the human body produces a series of problems, including carcinogenic risks. Developing the method for P4 monitoring with accurate, inexpensive, and fast becomes an important topic for researchers. In recent years, the abundance of new materials and synthesis technologies has developed P4 biosensors. Based on functional materials, this paper reviews the recent decade literatures and summarizes the latest progress and applications in enhancing detection of P4. In this study, the functional materials used to manufacture P4 biosensors are mainly divided into three categories: metal and metal-oxide nanomaterials, composite material, and other materials. A composite material refers to a combination of two or three types of materials, including carbonaceous nanomaterials, metal nanomaterials, polymers, and biological materials. The other materials mainly include a combination of special compounds, biomaterials, luciferin materials, and quantum dot materials, of which one or two. The introduction of these new functional materials improves the sensitivity and selectivity of P4 detection. Moreover, this study provides ideas for the future research on improving the performance of P4 biosensor. The future study should put more attentions on enzyme catalysis amplification, cyclic amplification, and DNA isothermal amplification strategies.