Polymeric nanofibers have emerged as exclusive one-dimensional nanomaterials. Various polymeric nanofibers and nanocomposite nanofibers have been processed using the thermoplastic, conducting, and thermoset matrices. This review aims to highlight the worth of electrospinning technology for the processing of polymer/nanocarbon nanocomposite nanofibers. In this regard, the design, morphology, physical properties, and applications of the nanofibers were explored. The electrospun polymer/nanocarbon nanofibers have a large surface area and fine fiber orientation, alignment, and morphology. The fiber processing technique and parameters were found to affect the nanofiber morphology, diameter, and essential physical features such as electrical conductivity, mechanical properties, thermal stability, etc. The polymer nanocomposites with nanocarbon nanofillers (carbon nanotube, graphene, fullerene, etc.) were processed into high-performance nanofibers. Successively, the electrospun nanocomposite nanofibers were found to be useful for photovoltaics, supercapacitors, radiation shielding, and biomedical applications (tissue engineering, antimicrobials, etc.).