The electrochemical behavior of fullerene and fullerene derivatives are reviewed with special reference to their catalytic and sensor applications. Recent work on carbon nanotubes, used as catalyst supports in heterogeneous catalysis and sensor development is also presented. An overview of recent progress in the area of fullerene electrochemistry is included. Several cases of electrocatalytic dehalogenation of alkyl halides, assisted by the electrode charge transfer to fullerenes, are discussed. Research work on the electrocatalysis of biomolecules, such as hemin, cytochrome c, DNA, coenzymes, glucose, ascorbic acid, dopamine, etc. have also been considered. Based on the studies of the interaction of fullerenes, fullerene derivatives, and carbon nanotubes with other molecules and biomolecules in particular, the possibilities for the preparation of electrochemical sensors and their application in electroanalytical chemistry are highlighted.