Biomimetic olfactory and taste biosensors replicate human sensory functions by coupling selective biological recognition elements (such as receptors, binding proteins, or synthetic mimics) with highly sensitive transducers (including electrochemical, transistor, optical, and mechanical types). This review summarizes recent progress in olfactory and taste biosensors focusing on three key areas: (i) materials and device design, (ii) artificial intelligence (AI) and data fusion for real-time decision-making, and (iii) pathways for practical application, including hybrid platforms, Internet of Things (IoT) connectivity, and regulatory considerations. We provide a comparative analysis of smell and taste sensing methods, emphasizing cases where integrating both modalities enhances sensitivity, selectivity, detection limits, and reliability in complex environments like food, environmental monitoring, healthcare, and security. Ongoing challenges are addressed with emerging solutions such as antifouling/self-healing interfaces, modular cartridges, machine learning (ML)-assisted calibration, and manufacturing-friendly approaches using scalable microfabrication and sustainable materials. The review concludes with a practical roadmap advocating for the joint development of receptors, materials, and algorithms; establishment of open standards for long-term stability; implementation of explainable/edge AI with privacy-focused analytics; and proactive collaboration with regulatory bodies. Collectively, these strategies aim to advance biomimetic smell and taste biosensors from experimental prototypes to dependable, commercially viable tools for continuous chemical sensing in real-world applications.