Over decades, as alternatives to natural enzymes, highly-stable and low-cost artificial enzymes have been widely explored for various applications. In the field of artificial enzymes, functional nanomaterials with enzyme-like characteristics, termed as nanozymes, are currently attracting immense attention. Significant progress has been made in nanozyme research due to the exquisite control and impressive development of nanomaterials. Since nanozymes are endowed with unique properties from nanomaterials, an interesting investigation is multifunctionality, which opens up new potential applications for biomedical sensing and sustainable chemistry due to the combination of two or more distinct functions of high-performance nanozymes. To highlight the progress, in this review, we discuss two representative types of multifunctional nanozymes, including iron oxide nanomaterials with magnetic properties and metal nanomaterials with surface plasmon resonance. The applications are also covered to show the great promise of such multifunctional nanozymes. Future challenges and prospects are discussed at the end of this review.