Nanomaterials featuring branched carbon nanotubes (b-CNTs), nanofibers (b-CNFs), or other types of carbon nanostructures (CNSs) are of great interest due to their outstanding mechanical and electronic properties. They are promising components of nanodevices for a wide variety of advanced applications spanning from batteries and fuel cells to conductive-tissue regeneration in medicine. In this concise review, we describe the methods to produce branched CNSs, with particular emphasis on the most widely used b-CNTs, the experimental and theoretical studies on their properties, and the wide range of demonstrated and proposed applications, highlighting the branching structural features that ultimately allow for enhanced performance relative to traditional, unbranched CNSs.