A review on a multicomponent design is presented for the development of a lower limb smart prosthetic system based on fiber optic sensing. The key component of this system is the smart sole consisting of a group of fiber optic sensors called the fiber Bragg grating (FBG). Such a group of sensors allow the human sense of touch to be mimicked through strategic sensor placement while identifying minute changes in contact conditions. Gait control through plantar pressure measurements is an important feature of lower limb prosthetics and allows for the identification of terrain through ground reaction forces (GRFs). Current smart lower limb prosthetics consist of a powered ankle equipped with torque sensors and a motorized assembly to enable proper gait control. Adding a smart sensing sole, which incorporates the sense of touch in addition to GRF identification, will enable patients with neurological disorders or amputation to relive the experience of a normal human being. Prosthetic technologies that will assist in developing a smart lower limb prosthetic system with a multicomponent design are presented on the basis of review, and a complete integrated system that will include sensing, processing, and control is suggested. The control can come through two approaches: (a) a trained system based on artificial intelligence or (b) a direct intervention of the subject. The intervention in the latter approach is based on sensing the signals from the smart foot and receiving them in the brain through a brain–machine interface (BMI).