The latest progress (the year 2021–2024) on multifunctional sensors based on silicone rubber is reported. These multifunctional sensors are useful for real-time monitoring through relative resistance, relative current change, and relative capacitance types. The present review contains a brief overview and literature survey on the sensors and their multifunctionalities. This contains an introduction to the different functionalities of these sensors. Following the introduction, the survey on the types of filler or rubber and their fabrication are briefly described. The coming section deals with the fabrication methodology of these composites where the sensors are integrated. The special focus on mechanical and electro-mechanical properties is discussed. Electro-mechanical properties with a special focus on response time, linearity, and gauge factor are reported. The next section of this review reports the filler dispersion and its role in influencing the properties and applications of these sensors. Finally, various types of sensors are briefly reported. These sensors are useful for monitoring human body motions, breathing activity, environment or breathing humidity, organic gas sensing, and, finally, smart textiles. Ultimately, the study summarizes the key takeaway from this review article. These conclusions are focused on the merits and demerits of the sensors and are followed by their future prospects.