FBiosensors play a significant role in the process of early diagnosis of non-communicable disease. In the global market, biosensors are valued at over 25.5 billion USD in 2021. Screen Printed Electrodes were traditionally used for biomolecule detection, but due to their poor stability and low conducting properties, they have been replaced by Glassy Carbon Electrodes, which exhibit excellent stability and reusability, only few works have been reported in glucose detection. The objective of this review is to provide an overview on the synthesis iron oxide nanoparticles and their composites developed for the electrochemical applications by various research works. The iron oxide and their composites of suitable morphologies at nanoscale dimensions prepared by various methods and conditions were compiled. The characterization results of all the samples obtained by X-Ray Diffraction, Scanning Electron Microscopy, Fourier Transform Infrared Spectroscopy, and Raman Spectroscopy were discussed in detail. The sensing efficiency of nanoscale iron oxides, when they are functionalized/combined with carbon nanotube, polyamidoamine dendrimer, Cellulose Nanocrystals, Terephthalic acid, Polyaniline, etc. were discussed in detail. The requirement for the development of more suitable electrochemical sensors for glucose, ascorbic acid, dopamine, and uric acid were proposed. The most suitable functionality for the iron oxide to is proposed for the development of efficient electrochemical sensor. Finally, the review provides the summary of the iron oxide nanomaterials, current challenges, and future scope of electrochemical sensors.