Presently, the majority of cancer treatments are non-specific, leading to undesirable side effects from intense medications. This issue may be addressed through the revolutionary advancement of nanotechnology, which enables the control of materials at the nanoscale. By offering advantages such as customized drug delivery, minimized dose-associated side effects, and extended drug circulation times, nanotechnology has significantly impacted cancer therapy over recent decades. Due to their unique combination of superior optical, thermal, electrical, and mechanical properties, carbon-based nanoparticles are emerging as promising tools in cancer research. These nanoparticles also offer ease of modification and a large surface area, making them ideal for efficient drug delivery. These nanoplatforms can serve as carriers for multiple types of molecules, enabling targeted and controlled delivery of pharmaceuticals, nucleotides, and diagnostic agents. The synthesis techniques and functionalization approaches of carbon-based nanostructures, both covalently and noncovalently bound, will be explored in detail within this review. In addition, the properties of carbon nanostructures, their potential for delivering anticancer drugs and genetic material, as well as their antibacterial capabilities, will be analyzed. Lastly, the challenges associated with utilizing carbon nanostructures and future perspectives will be discussed.