In this approach, zinc oxide (ZnO) is a multipurpose substance with remarkable characteristics such as high sensitivity, a large specific area, non‐toxicity, excellent compatibility, and a high isoelectric point, which make it attractive for discussion with some limitations. It is the most favorable possible option for the collection of nanostructures in terms of structure and their characteristics. The development of numerous ZnO nanostructure‐based electrochemical sensors and biosensors used in health diagnosis, pharmaceutical evaluation, food hygiene, and contamination of the environment monitoring is described, as well as the production of ZnO nanostructures. Nanostructured ZnO has good chemical and temperature durability as an n‐type semiconducting material, making it useful in a wide range of uses, from luminous materials to supercapacitors, batteries, solar cells, photocatalysis, biosensors, medicinal devices, and more. When compared to the bulk materials, the nanosized materials have both a higher rate of disintegration and a higher solubility. Furthermore, ZnO nanoparticles are regarded as top contenders for electrochemical sensors due to their strong electrochemical behaviors and electron transmission characteristics. The impact of many factors, including selectivity, sensitivity, detection limit, strength, and structures, arrangements, and their respective functioning processes, has been investigated. This study concentrated a substantial amount of its attention on the recent advancements that have been made in ZnO‐based nanoparticles, composites, and modified materials for use in the application areas of energy storage and conversion devices as well as biological applications. Supercapacitors, Li‐ion batteries, dye‐sensitized solar cells, photocatalysis, biosensors, medicinal, and biological systems have been studied. ZnO‐based materials are constantly analyzed for their advantages in energy and life science applications.