Immunoregulatory strategies for activating or inhibiting immune responses have emerged as a promising approach for treating tumors and immune‐related inflammatory diseases. Nanomaterials, also known for their inherent immunoregulatory capacity, are extensively investigated for their potential in immunotherapy. Among these immunoregulatory nanomaterials, fullerene‐based nanomaterials with unique immunoregulatory properties have attracted considerable attention for their use in immunotherapy. In this study, a comprehensive review of the recent research progress on fullerene‐based immunoregulatory nanomaterials is presented. It illustrates the specific mechanism of immune activation using fullerene nanomaterials and reviews their applications in tumor immunotherapy and tumor‐enhancement immunotherapy. Now It introduces the molecular mechanism of fullerene nanomaterials for inhibiting over‐activated inflammation. Herein, different negative immunoregulatory strategies are developed using fullerene nanomaterials to inhibit immune‐related inflammatory diseases. Additionally, the current challenges and prospects for developing efficient clinical usage of fullerene‐based immunoregulatory nanomaterials are discussed.