Sensors are used in so many different aspects of our daily life. Extensive scientific research work has been carried out for years to develop and fabricate sensors for different applications, and using different materials and preparation methods. In addition, several different analytical techniques, including spectroscopic, electrical, optical, and chemical techniques are continuously employed to assess the performance of the fabricated sensors. The ongoing work aims to develop sensors for newly emerging applications, as well as improve the performance of the commonly used classes of sensing materials in terms of higher sensitivity and selectivity, faster response times, and better recovery and limits of detection. This review highlights the recent advances in sensor technology, covering different types of sensors applied in everyday life including biosensors, gas, humidity, temperature, and smoke sensors, as well as molecular modeling approaches in studying sensing mechanisms of different structures.