Carbon is one of the elements most abundant in nature. It is essential for living organisms, and as an element occurs with several morphologies. Nowadays, carbon is encountered widely in our daily lives in its various forms and compounds, such as graphite, diamond, hydrocarbons, fibers, soot, oil, complex molecules, etc. However, in the last decade, carbon science and technology has enlarged its scope following the discovery of fullerenes (carbon nanocages) and the identification of carbon nanotubes (rolled graphene sheets). These novel nanostructures possess physico-chemical properties different to those of bulk graphite and diamond. It is expected that numerous technological applications will arise using such fascinating structures. This account summarizes the most relevant achievements regarding the production, properties and applications of nanoscale carbon structures. It is believed that nanocarbons will be crucial for the development of emerging technologies in the following years.