Bioelectronics can be defined as the functional integration of biological molecules together with electronic components. Bioelectronic systems combine the specific recognition properties of proteins or DNA with the mechanical and electrical properties of metallic or semiconducting solid‐state materials. A major aspect of a bioelectronic device is the generation or modulation of electrical current in an electronic circuit by means of molecular binding of the analyte of interest. In this article, we essentially give a brief introduction to bioelectronics followed by details about biosensors and their classification based on the molecular recognition component, methods of transduction, and materials employed. Following this, we have then briefly discussed the usefulness of a nanomaterials‐based system as transducer elements. In the next section, we summarize the efforts made by different researchers to develop a framework to support the biological machinery and its working principles for self‐assembly of molecular electronics. Next, we account for the usefulness of employing various carbon materials such as carbon nanotubes, carbon fibers, carbon onion, and the recently invented graphene as a substrate to design nanoscale biosensors for various applications. Finally, we have also provided information on artificial neural networks, their development and possible applications in medicine.