This review article summarizes the progress of research on carbon nanomaterial-based lubricants witnessed in recent years. Carbon nanomaterials, such as graphene, carbon nanotubes (CNTs), fullerenes and carbon nanostructures, are at the center of current tribological research on attaining superior lubrication performance. The development of nanomaterial-based solid lubricants, lubricant additives and bulk materials and the related issues in their processing, characterization and applications as well as their tribological performance (coefficient of friction and wear rate) are listed in a structured tabulated form. Firstly, regarding nanomaterial-based solid lubricants, this study reveals that carbon nanomaterials such as graphite, graphene, graphene-based coatings and diamond-like carbon (DLC)-based coatings increase different tribological properties of solid lubricants. Secondly, this study summarizes the influence of graphene, carbon nanotubes, fullerene, carbon nanodiamonds, carbon nano-onions, carbon nanohorns and carbon spheres when they are used as an additive in lubricants. Thirdly, a structured tabulated overview is presented for the use of carbon nanomaterial-reinforced bulk material as lubricants, where graphene, carbon nanotubes and carbon nanodiamonds are used as reinforcement. Additionally, the lubricity mechanism and superlubricity of carbon nanomaterial-based lubricants is also discussed. The impact of carbon nanotubes and graphene on superlubricity is reviewed in detail. It is reported in the literature that graphene is the most prominent and widely used carbon nanomaterial in terms of all four regimes (solid lubricants, lubricating additives, bulk material reinforcement and superlubricity) for superior tribological properties. Furthermore, prospective challenges associated with lubricants based on carbon nanomaterials are identified along with future research directions.