Carbonized biomass/polymer nanofibers represent a promising class of sustainable materials for diverse applications. Utilizing renewable biomass and polymers as precursors, CNFs provide an eco-friendly alternative to conventional materials. The major reason for thriving advancements in CNFs technology is due to the growing demand for sustainable materials. This study discusses the prominent techniques for developing CNFs using electrospinning, chemical vapour deposition, and green synthesis technology comprehensively. The impact of the different parameters affecting the microstructure and behaviour of the CNF and related materials has also been examined. Different characterization techniques, including scanning electron microscopy (SEM), X-ray diffraction and Raman spectroscopy of the CNFs have been detailed in this study. The properties of CNFs, such as electrical conductivity, mechanical strength and flexibility and porosity which are critical to measure their performance are presented. Additionally, the application of CNFs in different sectors, including energy storage, environment remediation and biomedical have been focused in here. Apart from the CNFs potential, numerous challenges which require immediate attention have been discussed in this study.