Carbon-based nanomaterials (CBNs), which encompass carbon nanotubes, porous carbons, carbon dots, graphenes, nanodiamonds, and fullerenes, possess distinct physical and chemical attributes that make them highly suitable for drug delivery purposes. These materials exhibit numerous advantages, including exceptional biocompatibility, a large surface area, and the ability to modify their surface chemistry as desired. The aforementioned attributes facilitate effective drug encapsulation, regulated release, and precise administration, rendering them highly suitable for drug delivery purposes. CBNs exhibit versatile properties and notable characteristics, including substantial drug-loading capability, improved stability, regulated release, and targeted delivery, thereby rendering them exceedingly appealing for drug carrier systems. Despite the considerable potential and promising characteristics of CBNs as drug carriers, there are several obstacles that must be addressed before their successful implementation in clinical settings. The issues encompass worries regarding their toxicity, acquiring regulatory endorsement, accomplishing mass production, and ensuring effective drug loading onto the nanomaterials. Overcoming these challenges will facilitate the advancement of innovative and efficient drug carrier systems, thereby revolutionizing the domain of healthcare. This chapter encompasses a comprehensive examination of several forms of CBNs, along with an exploration of the fundamental principles underlying their synthesis and their uses within the realm of drug carrier systems. This study showcases notable instances of remarkable materials and examines their diverse capabilities and potential applications as multifunctional drug carriers. Additionally, the problems associated with their utilization and the future prospects for their use are explored.