This comprehensive review highlights the versatile applications of photothermal techniques, particularly thermal lens spectrometry (TLS) and photoacoustic spectrometry (PAS), in the field of nanomaterials characterization. TLS is an effective technique in the trace detection of different compounds in liquid samples, photodegradation studies, and analysis of photocatalytic reaction rate, as well as the study of molecular dynamics, impacting both environmental and catalytical research. It enables the optimization of thermal diffusivity in soot nanofluids and offers insights into seed germination and plant yield enhancement in nanobiophotonics. The review also explores the thermal and elastic characterization of Fe2O3 polymorphs by photoacoustic spectroscopy (PAS). Investigating the metal mirror demonstrates PAS’s efficacy in determining its reflection coefficient and thermal diffusivity. ZnO nanoparticles’ strong absorption on diatomite surfaces is revealed through PAS, emphasizing their effectiveness in light absorption enhancement. Furthermore, PA techniques address working frequency limitations in studying silicon-based nanomaterials. Thus, thermal lens and photoacoustic spectroscopy assume pivotal roles in unveiling the nuanced attributes of various nanostructured materials, thereby propelling advancements in the realms of science and technology.