Detection and treatment of cancer have been demanding areas with the increase in cancer and malignant diseases across the globe. Photodynamic therapy is a multi‐step treatment procedure using photosensitizers as a drug in the presence of light. Photosensitizers anchored on different nanomaterials through covalent and non‐covalent interactions contribute significantly to photodynamic therapy. Nanoparticles have been employed as promising carriers to transport photosensitizers to the target cells. Photosensitizer functionalized nanoparticles are more effective in terms of stability and water solubility than bare ones. This review is a brief account of different types of nanoparticles functionalized on photosensitizers currently used for photodynamic therapy. We have focused on photosensitizer anchored organic, inorganic, and carbon‐based nanomaterials, which can be effectively used in photodynamic therapy.