In recent years, optical sensing based on nanomaterials has emerged as a prospective strategy for monitoring environmental pollution in water. In this context, carbon nanostructures have received increasing attention due to their unique optoelectronic and physiochemical properties. To this end, nanocarbon such as carbon nanotubes, graphene, and carbon dots have been used to develop proof‐of‐concept opto‐chemical sensors for emerging aquatic contaminants, including pesticides, bacterial pathogens, and pharmaceuticals residues. These optical sensors have attracted significant research interest in nanotechnology, material science, and the detection of aquatic pollutants. However, the practical application for detecting contaminants is still limited because of cost‐effectiveness, sensitivities, and selectivity toward the diverse pollutants. This review examines the current trends and challenges in designing and applying carbon nanostructure‐based optical sensors for detecting aquatic contaminants. Finally, a critical perspective on the field and future research directions is provided.