Nanocarbons are emerging at the forefront of nanoscience, with diverse carbon nanoforms emerging over the last two decades. Early cancer diagnosis and therapy, driven by advanced chemistry techniques, play a pivotal role in mitigating mortality rates associated with cancer. Nanocarbons, with an attractive combination of well‐defined architectures, biocompatibility, and nanoscale dimension, offer an incredibly versatile platform for cancer imaging and therapy. This paper aims to review the underlying principles regarding the controllable synthesis, fluorescence origins, cellular toxicity, and surface functionalization routes of several classes of nanocarbons: carbon nanodots, nanodiamonds, carbon nanoonions, and carbon nanohorns. This review also highlights recent breakthroughs regarding the green synthesis of different nanocarbons from renewable sources. It also presents a comprehensive and unified overview of the latest cancer‐related applications of nanocarbons and how they could be designed to interface with biological systems and work as cancer diagnostics and therapeutic tools. The commercial status for large‐scale manufacturing of nanocarbons is also presented. Finally, it proposes future research opportunities aimed at engendering modifiable and high‐performance nanocarbons for emerging applications across medical industries. This work is envisioned as a cornerstone to guide interdisciplinary teams in crafting fluorescent nanocarbons with tailored attributes that can revolutionize cancer diagnostics and therapy.This article is protected by copyright. All rights reserved