The meat industry requires prompt and effective control measures to guarantee the quality and safety of its products and to avert the incidence of foodborne illnesses and disease outbreaks. Although standard microbiological methods and conventional analytical techniques are employed to monitor the quality and safety, these procedures are tedious and time-consuming, require skilled technicians, and sophisticated instruments. Therefore, there is an urgent need to develop simple, fast, and user-friendly hand-held devices for real-time monitoring of the quality of meat and meat products in the supply chain. Biosensors and chemical indicators, due to their high sensitivity, specificity, reproducibility, and stability, are emerging as promising tools and have the potential for monitoring and controlling the quality (freshness and sensory traits such as tenderness) and safety (metabolites, contaminants, pathogens, drug residues, etc.) of muscle foods. In this review, the application of biosensors in the meat industry and their emerging role in the quantification of key meat quality components are discussed. Furthermore, the role of different biosensors to identify and detect contaminants, adulterants, pathogens, antibiotics, and drug residues in meat and meat products is also summarized.