Carbon nanotubes (CNTs) are known as nano-architectured allotropes of carbon, having graphene sheets that are wrapped forming a cylindrical shape. Rolling of graphene sheets in different ways makes CNTs either metals or narrow-band semiconductors. Over the years, researchers have devoted much attention to understanding the intriguing properties CNTs. They exhibit some unusual properties like a high degree of stiffness, a large length-to-diameter ratio, and exceptional resilience, and for this reason, they are used in a variety of applications. These properties can be manipulated by controlling the diameter, chirality, wall nature, and length of CNTs which are in turn, synthesis procedure-dependent. In this review article, various synthesis methods for the production of CNTs are thoroughly elaborated. Several characterization methods are also described in the paper. The applications of CNTs in various technologically important fields are discussed in detail. Finally, future prospects of CNTs are outlined in view of their commercial applications.