Nanozymes are a class of nanoparticles that can mimic enzyme activity and be used for various applications in modern clinical therapy. It has recently been observed that nanozymes have multi-enzyme mimicking activities, are highly stable, versatile and easily modified. Moreover, they have high catalytic efficiency, high recovery rates, improved substrate specificity and are suitable for mass production. The catalytic mechanisms of nanozymes mainly include catalase, peroxidase, oxidase, hydrolase and superoxide dismutase-like activities, which enable nanozymes to be used as potential therapeutics against a plethora of infectious and lifestyle disorders. Nanozymes have been used as therapeutics against cancer, inflammatory diseases, neurodegenerative and neurological disorders, bacterial, fungal and viral infections, wounds and diseases associated with Reactive Oxygen Species. The purpose of writing this review is to provide a comprehensive compilation of novel research work that has taken place in the last few years regarding the use of nanozymes for therapy. We have compiled the various kinds of nanozymes and elaborated on their anti-tumorigenic, antioxidant, anti-inflammatory, antibacterial, antifungal, antiviral, and neuroprotective roles. Their modes of action and enzymatic targets have also been discussed. The types and mechanisms of synthesis of nanozymes have also been summarized, along with interactions of nanoparticles with nanozymes. Furthermore, strategies to enhance the compatibility between nanoparticles and nanozymes have also been analyzed. Major focus has been laid on therapeutic applications of nanozymes. The challenges and future perspectives of using nanozymes in clinical therapy have also been debated in the later sections.