In recent years, flame synthesis has absorbed a great deal of attention as a combustion methodfor the production of metal oxide nanoparticles, carbon nanotubes, and other related carbonnanostructures, over the existing conventional methods. Flame synthesis is an energyefficient,scalable, cost-effective, rapid and continuous process, where flame provides thenecessary chemical species for the nucleation of carbon structures (feed stock or precursor)and the energy for the production of carbon nanostructures. The production yield can beoptimized by altering various parameters such as fuel profile, equivalence ratio, catalystchemistry and structure, burner configuration and residence time. In the present report, diffusionand premixed flame synthesis methods are reviewed to develop a better understandingof factors affecting the morphology, positioning, purity, uniformity and scalability forthe development of carbon nanotubes along with their correlated carbonaceous derivativenanostructures.