Prostate Cancer (PCa) is one of the deadliest forms of Cancer among men. Early screening process for PCa is primarily conducted with the help of a FDA approved biomarker known as Prostate Specific Antigen (PSA). The PSA-based screening is challenged with the inability to differentiate between the cancerous PSA and Benign Prostatic Hyperplasia (BPH), resulting in high rates of false-positives. Optical techniques such as optical absorbance, scattering, surface plasmon resonance (SPR), and fluorescence have been extensively employed for Cancer diagnostic applications. One of the most important diagnostic applications involves utilization of nanoparticles (NPs) for highly specific, sensitive, rapid, multiplexed, and high performance Cancer detection and quantification. The incorporation of NPs with these optical biosensing techniques allow realization of low cost, point-of-care, highly sensitive, and specific early cancer detection technologies, especially for PCa. In this work, the current state-of-the-art, challenges, and efforts made by the researchers for realization of low cost, point-of-care (POC), highly sensitive, and specific NP enhanced optical biosensing technologies for PCa detection using PSA biomarker are discussed and analyzed.