Carbon nanomaterials are in the forefront of research in a variety of chemical and physical disciplines. Of these, certain nanostructures seem to be suitable for the development of electrochemical biosensors. In particular carbon nanotubes, and carbon nanofibers have specific chemical and physical characteristics that lent them ideal for the development of biosensors with unique analytical characteristics. In particular, their conductivity, surface area, inherent and induced chemical functionalities, and biocompatibility provide the grounds for the development of a new era of electrochemical biosensors. In this review, we will examine the recent developments of biosensor design based on these new nanostructures.