Carbon nanostructures such as carbon nanotubes, graphene, and its multi‐layer derivatives exhiibit temperature‐dependent electrical conductivity. They can form percolated networks inside polymers, which render electrical conductivity to nanocomposites. Upon the formation of a percolated network, thermal energy applied to the material drives structural changes of the network, which manifest as changes in electrical conductivity. This principle is used to develop smart materials with self‐sensing temperature capabilities. This critical review covers past and present research on the electrical response to temperature (thermoresistivity) of carbon nanostructures and their polymeric nanocomposites. It covers few‐ and multi‐layer graphene, carbon nanotubes, carbon‐nanostructured arrays and fibers (yarns). The mechanisms driving the thermoresistive response of individual nanostructures, their arrays, and of their polymeric nanocomposites are addressed. The role of the nanostructured filler on the thermoresistivity of polymer nanocomposites depends on its morphology and concentration. For low filler concentrations, thermal expansion of the polymer may dominate over the inherent thermoresistivity of the filler. For high filler concentrations, or for densely packed arrays of carbon nanostructures, the inherent (quantum) thermoresistive response of the nanostructures becomes dominant. The review addresses recent progress in the field, highlights current issues, synthesizes published data, and provides outlooks and insights into future directions.