Carbon nanoparticles were prepared by refluxing the combustion soot of natural gas in nitric acid. Transmission Electron Microscopy measurements showed that the resulting particles exhibited an average diameter of 4.8 ± 0.6 nm, and the crystalline lattices were consistent with graphitic carbons. 13C NMR and FTIR spectroscopic measurements further confirmed the presence of sp2 carbons in the form of aryl and carboxylic/carbonyl moieties. The resulting carbon nanoparticles were found to emit photoluminescence with a quantum yield of approximately 0.43%. Additionally, the emission band energy of the carbon nanoparticle was very similar to that of much smaller carbon nanoparticles obtained from candle soot, suggesting that the photoluminescence might arise from particle surface states, analogous to the behaviors of semiconductor quantum dots with an indirect bandgap. In electrochemical measurements, two pairs of well-defined voltammetric waves were observed, which might be ascribed to the peripheral functional moieties that were analogous to phenanthrenequinone derivatives. Interestingly, the carbon nanoparticles might also be exploited as nanoscale structural scaffolds for the deposition of nanostructures of varied transition metals, leading to the formation of metal−carbon functional nanocomposites.