Optical fiber sensors based on tapered optical fiber (TOF) structure have attracted a considerable amount of attention from researchers due to the advantages of simple fabrication, high stability, and diverse structures, and have great potential for applications in many fields such as physics, chemistry, and biology. Compared with conventional optical fibers, TOF with their unique structural characteristics significantly improves the sensitivity and response speed of fiber-optic sensors and broadens the application range. This review presents an overview of the latest research status and characteristics of fiber-optic sensors and TOF sensors. Then, the working principle of TOF sensors, fabrication schemes of TOF structures, novel TOF structures in recent years, and the growing emerging application areas are described. Finally, the development trends and challenges of TOF sensors are prospected. The objective of this review is to convey novel perspectives and strategies for the performance optimization and design of TOF sensors based on fiber-optic sensing technologies.