Nanoalloys and nanocomposites are widely studied classes of nanomaterials within the context of biological systems. They are of immense interest because of the possibility of tuning the optical, magnetic, electronic and chemical properties through particle composition and internal architecture. In principle these properties can therefore be optimized for application in biological detections such as of DNA sequences, bacteria, viruses, antibodies, antigens, and cancer cells. This article presents an overview of methods currently used for nanoalloy and nanocomposite synthesis and characterisation, focusing on Au–Ag and FexOy@Au structures as primary components in detection platforms for plasmonic and magnetically enabled plasmonic bio-sensing.