This review highlights the application of different types of nanosilicon (nano-Si) materials and nano-Si-based composites for (bio)sensing applications. Different detection approaches and (bio)functionalization protocols were found for certain types of transducers suitable for the detection of biological compounds and gas molecules. The importance of the immobilization process that is responsible for biosensor performance (biomolecule adsorption, surface properties, surface functionalization, etc.) along with the interaction mechanism between biomolecules and nano-Si are disclosed. Current trends in the fabrication of nano-Si-based composites, basic gas detection mechanisms, and the advantages of nano-Si/metal nanoparticles for surface enhanced Raman spectroscopy (SERS)-based detection are proposed.