In medical diagnosis, detecting disease biomarkers at ultra‐low concentrations is vital. Point‐of‐care (POC) diagnostics require rapid detection, live monitoring, high sensitivity, low detection threshold, and cost‐effectiveness. Carbon‐based nanomaterials (CBNs) are promising due to their large surface‐to‐volume ratio, conductivity, biocompatibility, and stability, making them ideal for biosensors. Recent advancements in CBN applications, including biosensing, drug delivery, and cancer therapy, highlight their potential in enhancing detection sensitivity and specificity. Electrochemical sensors and biosensor platforms using carbon nanocomposites are pivotal in diagnostics. This review explores the current state and future challenges of CBN integration in POC settings, envisioning a transformative impact on healthcare diagnostics and therapeutics.