Composite materials with carbon nanotube and graphene attachments have been regarded as promising prospects. Carbon nanocomposites have gained considerable interest in different fields including biomedical applications due to its exceptional structural dimensions and outstanding mechanical, electrical, thermal, optical, and chemical characteristics. The significant advances made in carbon nanocomposite over past years along with the discovery of new nanocomposite processing technologies to improvise the functional impact of nanotube and graphene composites by providing proper methods of synthesis and improving the production of diverse composite based on carbon nanomaterials are discussed. Carbon nanocomposites are applied in various fields such as aviation, batteries, chemical industry, fuel cell, optics, power generation, space, solar hydrogen, sensors, and thermoelectric devices. The recent design, fabrication, characteristics, and applications of carbon nanocomposites such as active carbon, carbon black, graphene, nanodiamonds, and carbon nanotubes are explained in detail in this research. It is found that unlike traditional fiber composites, Van der Waals force interfacial compounds have an important effect on the mechanical performance of carbon nanomaterial-based composites.