Carbon nanomaterials are the focus of an intense research in several areas of science. Due to their apparent low toxicity, when compared to other nanomaterials, carbon based nanoparticles found particularly important applications in biomedicine. Indeed, carbon shows many nanoallotropic forms like carbon nanotubes, graphene, carbon dots, fullerene and nanodiamonds. Some of them show fluorescence in the visible wavelength range, like graphene and carbon dots, but all have in common being nanosized with the corresponding properties. The main theranostics applications of carbon based nanomaterials (the fluorescent nanoallotropes) are for improving tumor imaging, allowing earlier detection, and specific drug delivery allowing high treatment efficient and reduced side effects. This chapter will describe the carbon nanomaterials mostly used for tumor targeting theranostics, their properties and the engineering strategies used to modify them. Also, the most successful biomedical applications of the carbon nanomaterials will be described.