Magnetoelastic (ME) biosensors are portable, nontoxic, inexpensive, compatible with wireless networks, and have high sensitivity, accuracy, and specificity toward the target element. Thus, they have attracted considerable attention in application of biological identification, chemical detection, and medical diagnosis, as well as in many academic achievements in the field of sensor research. Herein, the recent progress of ME biosensors, including surface functionalization, bioanalysis, and its applications is critically reviewed. The remaining scientific and technological challenges related to the development of novel ME biosensors with new materials and structures in this field are elaborated, too. This review not only can provide a guideline for researchers in future development of ME biosensors, but also further improves their detection performance and expand the scope of their applications.