Two-dimensional (2D) layered nanomaterials possess high surface area, unique structure, and extraordinary physicochemical, optical, and electrical properties and have attracted tremendous interests in the field of biomedical research. Several types of 2D nanomaterials, including graphene and its derivatives, black phosphorus (BP) nanosheets, graphitic carbon nitride, MXenes, and transition metal dichalcogenides (TMDCs), have been extensively utilized for phototheranostic applications. Besides their unique optical properties and high surface area, these nanomaterials can facilitate loading of different guest molecules for enabling phototherapeutic outcomes. Furthermore, various other nanoparticles or molecules can be decorated to improve the optical absorption in the near-infrared (NIR) region, biocompatibility, and achieve excellent theranostic capabilities which make them promising candidates for future biomedical/clinical applications. Herein, we review the recent progress of NIR light activatable 2D nanomaterials for theranostic applications. The current challenges and future perspectives have also been discussed.