The increasing heavy metal pollution in the aquatic ecosystem mainly driven by industrial activities has raised severe concerns over human and environmental health that apparently necessitate the design and development of ideal strategies for the effective monitoring of heavy metals. In this regard, colorimetric detection provides excellent opportunities for the easy monitoring of heavy metal ions, and especially, corresponding solid-state sensors enable potential opportunities for their applicability in real-world monitoring. As a result of the significant interest originating from their simplicity, exceptional characteristics, and applicability, the electrospun nanofiber-based colorimetric detection of heavy metal ions has undergone radical developments in the recent decade. This review illustrates the range of various approaches and functional molecules employed in the fabrication of electrospun nanofibers intended for the colorimetric detection of various metal ions in water. We highlight relevant investigations on the fabrication of functionalized electrospun nanofibers encompassing different approaches and functional molecules along with their sensing performance. Furthermore, we discuss upcoming prospectus and future opportunities in the exploration of designing electrospun nanofiber-based colorimetric sensors for real-world applications.