Unpredictable natural disasters, disease outbreaks, climate change, pollution, and war constantly threaten food crop production. Smart and precision farming encourages using information or data obtained by using advanced technology (sensors, AI, and IoT) to improve decision-making in agriculture and achieve high productivity. For instance, weather prediction, nutrient information, pollutant assessment, and pathogen determination can be made with the help of new analytical and bioanalytical methods, demonstrating the potential for societal impact such as environmental, agricultural, and food science. As a rising technology, biosensors can be a potential tool to promote smart and precision farming in developing and underdeveloped countries. This review emphasizes the role of on-field, in vivo, and wearable biosensors in smart and precision farming, especially those biosensing systems that have proven with suitably complex and analytically challenging samples. The development of various agricultural biosensors in the past five years that fulfill market requirements such as portability, low cost, long-term stability, user-friendliness, rapidity, and on-site monitoring will be reviewed. The challenges and prospects for developing IoT and AI-integrated biosensors to increase crop yield and advance sustainable agriculture will be discussed. Using biosensors in smart and precision farming would ensure food security and revenue for farming communities.