Advanced gas sensing devices are urgently demanded in the modern scientific world to control air pollution and protect human life. For this purpose, semiconducting electroactive materials can revolutionize the idea of conventional gas sensors. Chemi-resistive gas sensors based on electroactive hybrid organic-inorganic nanocomposites are incredibly promising gas sensing materials because they possess the advantages of excellent selectivity, high sensitivity, low response time, repeatability, high stability, cost-effectiveness, and simple fabrication techniques, and they can be operated at room temperature. This review emphasizes the recent developments of organic-inorganic hybrid nanocomposite-based electroactive gas sensors, including metal oxide nanocomposites, which are potential gas sensing materials due to the presence of numerous charge carriers. The review also focuses on nanostructured materials of different dimensions, such as semiconducting quantum dots, carbon dots, nanotubes, nanowires, and nanosheets, used for developing these gas sensing compounds and their significance and challenges. Some possible fabrication techniques for developing efficient gas sensors with different morphologies are discussed, with their probable sensing mechanism behind the detection of toxic vapours. Subsequently, a summary and possible outcome of this study, along with the various achievements and prospects in this field, are also discussed.