Hearing loss affects millions of Americans in every age group, and it can be either conductive or sensorineural. Sensorineural hearing loss (SNHL) specifically has etiologies including trauma, infectious conditions, ototoxin exposure, and trauma. This type of hearing loss affects the conversion of mechanical sound to an electrical signal within the inner ear, and profound SNHL can usually only be treated with a cochlear implant. Neural stem cells (NSCs), embryonic stem cells (ESCs), mesenchymal stem cells (MSCs), and induced pluripotent stem cells (iPSCs) are all promising candidates for the treatment of SNHL. They have the potential to be induced to differentiate into sensory hair cells and spiral ganglion neurons (SGNs) in damaged cochleae. However, more research is still needed to improve the protocol for differentiating stem cells into hair cells and SGNs.