Carbon-based materials, including graphene, single walled carbon nanotubes (SWCNTs), and multi walled carbon nanotubes (MWCNTs), are very promising materials for developing future-generation electronic devices. Their efficient physical, chemical, and electrical properties, such as high conductivity, efficient thermal and electrochemical stability, and high specific surface area, enable them to fulfill the requirements of modern electronic industries. In this review article, we discuss the synthetic methods of different functionalized carbon materials based on graphene oxide (GO), SWCNTs, MWCNTs, carbon fibers (CFs), and activated carbon (AC). Furthermore, we highlight the recent developments and applications of functionalized carbon materials in energy storage devices (supercapacitors), inkjet printing appliances, self-powered automatic sensing devices (biosensors, gas sensors, pressure sensors), and stretchable/flexible wearable electronic devices.