Contagious diseases are the principal cause of mortality, particularly respiratory viruses, a real menace for public health and economic development worldwide. Therefore, timely diagnosis and treatments are the only lifesaving strategy to overcome any epidemic and particularly the ongoing prevailing pandemic COVID-19 caused by SARS-CoV-2. A rapid identification, point of care, portable, highly sensitive, stable, and inexpensive device is the needed which is exceptionally satisfied by sensors. Consequently, the researchers have directed their attention to employing sensors targeting multiple analyses of pathogenic detections across the world. Nanostructured materials (nanoparticles, nanowires, nanobundles, etc.), owing to their unique characteristics such as large surface-to-volume ratio and nanoscale interactions, are widely employed to fabricate facile sensors to meet all the immediate emerging challenges and threats. This review is anticipated to foster researchers in developing advanced nanomaterials-based sensors for the increasing number of COVID-19 cases across the globe. The mechanism of respiratory viral detection by nanomaterials-based sensors has been reported. Moreover, the advantages, disadvantages, and their comparison with conventional sensors are summarized. Furthermore, we have highlighted the challenges and future potential of these sensors for achieving efficient and rapid detection.