We propose and analyze a new approach based on quantum error correction (QEC) to improve quantum metrology in the presence of noise. We identify the conditions under which QEC allows one to improve the signal-to-noise ratio in quantum-limited measurements, and we demonstrate that it enables, in certain situations, Heisenberg-limited sensitivity. We discuss specific applications to nanoscale sensing using nitrogen-vacancy centers in diamond in which QEC can significantly improve the measurement sensitivity and bandwidth under realistic experimental conditions.