Detection of emergent biomolecules or biomarkers remains crucial for early diagnosis in advancing healthcare monitoring and biomedicine. The possibility for rapid detection, real-time monitoring, high sensitivity, low detection limit, good selectivity, and low cost is central, among other significant issues for advancing point-of-care diagnosis. Carbon-based nanocomposites have been employed as sensing materials for various biomarkers due to their high surface-to-volume ratio, high electrical conductivity, chemical stability, and biocompatibility. The carbon nanomaterials, such as carbon nanotubes (CNTs), graphene (GR), carbon quantum dots (CQDs), carbon fibres (CFs), and their nanocomposites have broadly integrated with numerous sensing electrode materials for the detection of biomarkers under various experimental settings. The present review includes the recent advances in the development of carbon nanomaterials-based electrochemical sensors and biosensors for biomedical applications. The preparation, electrode preparation, effective utilization of carbon-derived nanomaterials, and their sensing performances towards numerous biomarkers have been highlighted. The state-of-the-merit, challenges, and prospects for designing carbon nanocomposites-based electrochemical sensor/biosensor platforms for biomedical diagnostics have also been described.