Display omitted •Consolidated the underlaying notions of SPR sensors centred on Kretschmann principle supported by pictorial illustrations.•The impact of gold and silver nanoparticles on the performance of SPR sensor are scrutinised.•Dissected the upshot of magnetic and 2-D nanomaterials on the augmentation of SPR activity.•Analysed contemporary trends on quantification of biomolecule and the latitudes of future investigation.•Consequences of coupling SPR with various surface modes in augmenting performance of the sensor is elucidated. The necessity for the development of highly sensitive and selective detection techniques for the investigation of biomolecules are inevitable. Surface plasmon resonance (SPR) based biosensor has developed as a sustainable and commercially applicable tool for this investigation. The detection of biomolecules, that are either toxic or useful to the environment, and the early diagnosis of disease biomarkers together come up with the key for better living. The exploration of this should give the prime concern for the real-time detection techniques that are cost-effective and least time-consuming. Here, we have briefly introduced the properties, classifications and characteristics of nanomaterials and that of the biosensors, we carefully analysed the properties of nanomaterials that can enhance sensor’s activity. We have given much importance to the recent development in the field of biosensing and the role of different nanomaterials including gold, silver, magnetic and 2D nanomaterials in enhancing the properties of SPR sensors under various configurations with explaining the principle and mechanism of SPR in brief. Along with this, we have addressed the phase matching schemes for SPR and the coupling of SPR with other modes such as guided modes, phonon polariton and defect modes in enhancing performance. The role of other plasmons such as Tamm plasmons and Bloch surface waves are also included in the review.