Nanozymes are a new type of nanomaterials that have potential enzyme-mimetic catalytic action, and hence could be used as artificial enzymes in various biomedical settings. Due to their high physicochemical stability, their adjustable catalytic activity, recyclability, and scalability to large-scale production, nanozymes have received high regard as alternatives to natural enzymes. These nanocatalysts exhibit various activities of enzymes, including catalase-, peroxidase-, oxidase-, hydrolase-, and superoxide dismutase-like activities, which allow their use in the treatment of several pathological conditions, including microbial infections, malignancies, inflammatory and neurodegenerative diseases, and other metabolic diseases. Their effective catalytic potential, biocompatibility, and structural flexibility have been used to promote improved therapeutic precision by catalytic therapy, targeted drug delivery, and advanced biosensing platforms. Furthermore, nanozymes are able to overcome the natural limitations of natural enzymes, such as the high cost of production, structural instability, and storage. Nonetheless, the likelihood of cytotoxicity, environmental stability, and biosafety requirements also requires the development of specific regulatory platforms to guarantee clinical translation of the same in a safe manner. Therefore, nanozymes are a new dawn in artificial enzymology, a combination of the catalytic power of natural enzymes and the structural benefits of nanomaterials, and a broad range of potential applications in diagnostics, tissue engineering, bioimaging, biosensing, and targeted therapeutic modalities.