This review (with 230 refs.) covers recent progress in rapid optical assays for heavy metals (primarily lead and mercury as the most relevant) based on the use of nanoparticles and receptor molecules. An introduction surveys the importance, regulatory demands (such as maximum permissible concentrations) and potential and limitations of various existing methods. This is followed by a general discussion on the use of nanoparticles in optical assays of heavy metals (including properties, basic mechanisms of signal generation). The next sections cover methods for the functionalization of nanoparticles with (a) sulfur-containing compounds (used for modification of nanoparticles or added to the reaction medium), (b) nitrogen-containing compounds (such as amino acids, polypeptides, and heterocyclic molecules), and (c) oxygen-containing species (such as hydroxy and carbonyl compounds). This is continued by a specific description of specific assays based on the use of aptamers as receptors, on the use of deoxyribozymes as synthetic reaction catalysts, of G-quadruplex aptamers, of aptamers in logic gate-type of assays of linear (unstructured) aptamers ("hairpins"), and on the use of aptamers in lateral flow assays. A next section covers assays based on the employment of antibodies as receptors (used in the immunoassay development). The properties of various nanoparticles and their applicability in optical assays are also discussed in some detail. Final sections discuss the selectivity of assays, potential interferences by other cations, methods for their elimination, and also matrix effects and approaches for sample pretreatment. A concluding section discusses current challenges and future trends. Analysis based on enzyme inhibition assay is not treated here but enzyme-like action of some receptor molecules such as DNAzymes is discussed. Graphical abstract Schematic presentation of main principles of application of various nanoparticles with receptor molecules (S-, N-, O-containing, heterocyclic compounds, proteins, antibody, aptamers) for heavy metals ions detection. The included methods cover optical assays with description of mechanisms of interactions and signal generation.