Biocatalysts or enzymes have a pivotal role in speeding up most of the biochemical reactions that drives life processes. Although substrate specific and promising, there are some pitfalls that limit their use for wide application. To counteract the shortcomings, artificial enzymes possessing enzyme characteristics with additional qualities have been devised and that kick-started in the late 2000s. This review aims to provide an overview of nanozymes, designing concept, nanomaterials and applications. To begin with, the limitations encountered by natural enzymes and its replacement with nanozymes have been highlighted. Secondly, how nanozymes evolved in due course of time, classification and engineering strategies have been briefly described. Most importantly, the engineering of nanozymes for improved catalytic activities have also been discussed. A clear distinction between the enzymatic-mimic for various clinical and bioimaging applications has been critically reviewed. With this rapidly emerging technology, there would be a great demand pertaining to scalability, biosafety, catalytic diversity and environmental challenge needs much consideration.