Stretchable photodetectors have become an essential component in the advancement of wearable electronics, providing real-time sensing capabilities combined with excellent mechanical stability. By incorporating advanced nanomaterials such as zero-dimensional quantum dots, one-dimensional nanowires, and two-dimensional layered materials, researchers have developed photodetectors that not only show high responsivity and broad spectral coverage but also maintain remarkable mechanical resilience under strain. Unlike conventional rigid or even simply flexible devices, these stretchable photodetectors are required to endure significant tensile strain while preserving stable optoelectronic performance. This review explores the fundamental principles of photodetection, key performance metrics, and recent material innovations. Focusing particularly on nanomaterial-based architectures that employ elastomeric substrates, deformable interconnects, and hierarchical designs to enhance stretchability. We also examine applications in health monitoring such as pulse oximetry and UV exposure detection as well as potential uses in imaging and optical communication networks. Recent experimental studies reveal that these nanomaterial-based photodetectors can sustain repeated mechanical deformations while keeping rapid response times and low power consumption, positioning them as strong candidates for next-generation wearable electronics, though challenges with large-area fabrication, long-term mechanical stability, and seamless integration with wireless systems still persist and require further research in materials engineering and device optimization.