The nanozymes (NZs) are the artificial catalyst deployed for bio sensing with their uniqueness (high robustness, surface tenability, inexpensive and stability) for obtaining a better response/miniaturization of the varied sensors compared to their traditional ancestors. Now a days, nanomaterials with their broadened scale such as metal-organic frameworks (MOFs), metals/metal oxides are widely engaged in the generation of NZs based biosensors (BS). Diverse strategies like fluorescent, colorimetric, surface-enhanced Raman scattering (SERS), and electrochemical sensing principles were implemented for signal transduction of NZs. Despite of broad advantages, numerous encounters (like specificity, feasibility, stability and issues in scale-up) are affecting the potentialities of NZs based BS, and thus need a prior attention for a promising exploration for a revolutionary outcome in advanced theranostics. This review is included with different types of NZs, the progress of numerous NZs tailored bio-sensing techniques in detection of abundant bio analytes for the theranostic purpose. Further, discussion was highlighted with some recent challenges along with their progressive way of possible overcoming followed by commercial outbreaks.