The design and development of modern biosensors for sensitive and selective detection of various biomarkers is important in diversified arenas including healthcare, environment, and food industries etc. The requirement of more robust and reliant biosensors lead to the development of various sensing modules. The nanomaterials having specific optical, electrical, and mechanical strength can pave the way towards development of ultrafast, robust, and miniaturized modules for biosensors. It can provide not only the point‐of‐care applicability but also has tremendous commercial as well as industrial justification. In order to improve the performance of the sensor systems, various nanostructure materials have been readily studied and applied for development of novel biosensors. In the last few years, researchers are engaged on harnessing the unique atomic and molecular properties of advance‐engineered materials including carbon nanotubes, graphene nanosheets, metal nanoparticles, metal oxide nanoparticles, and their nano‐conjugates. In view of such recent developments in nanomaterial engineering, the current review has been formulated emphasizing the role of these materials in surface engineering, biomolecule conjugation, and signal amplification for development of various ultrasensitive and robust biosensors having commercial as well as industrial viability. Attention is given on the electrochemical biosensors incorporating various nanomaterials and their conjugates. Importance of nanomaterials in the analytical performance of the various biosensor has also been discussed. To put a perceptive insights on the importance of various nanomaterials, an extended table is incorporated, which includes probe design, analyte, LOD, and dynamic range of various electrochemical biosensors.