Carbon nanorings (CNRs) and carbon nanobelts (CNBs) of various sizes and innovative molecular architectures have ushered improvement in research in recent years. This serves as a prerequisite for further advances and applications, such as organic semiconductors and bottom‐up synthesis of single‐walled carbon nanotubes. Nevertheless, challenges such as high strain energy, excessive reactivity, end‐product stability, low‐scale yields, and side reactions inhibit material synthesis and applications. In this review, CNRs, CNBs, and other heteroatom‐doped molecular belts are discussed based on their molecular structural characteristics, with a special focus on their developments in the past two years. Furthermore, current applications, research obstacles, and future developments related to CNRs and CNBs are discussed. For the first time, studies and advancements in organic field‐effect transistors (OFETs) have been summarized in detail.