Nowadays, nanotechnology is applied to an increasingly number of industries due to the unique properties of nanomaterials. Carbon nanotubes and carbon nanofibers are some of the most appealing nanomaterials that are commonly employed in electronics, photovoltaic, catalysis, environmental engineering, space engineering, and last but not least in medicine and pharmacy. However, the issue of handling such materials is not yet fully investigated. Without the essential and proper legislations and regulations, widespread use of nanotechnologies in many sectors of society may well be slowed down and could even come to a complete standstill. Thus, it is necessary to develop innovative methods for risk management. The exposure assessment of carbon based nanomaterials presents several challenges. It is easily understood that nanosafety and risk assessment are upon modern research fields. Moreover, it seems critically important to take into perspective the whole life cycle for carbon nanotubes and carbon nanofibers for the risk management. The purpose of this review is to present the current state of knowledge related to the risks of carbon nanotubes and nanofibers as well as to display the current actions in European Union regarding this issue.