Carbonaceous or nanocarbon nano-reinforcement nanocomposites have been found as emergent candidates for aerospace industry. Consequently, the multifunctional nanocomposites have been fabricated using marvelous nanocarbon nanostructures like graphene, carbon nanotube, fullerene, carbon black, etc. Manufacturing techniques have also been engrossed for the formation of high performance engineering nanocomposites having fine strength, heat stability, flame resistance, and other space desired features. These practices include solution, in situ, and melt procedures, on top of specific space structural design techniques, for the formation of aerospace structures. The aerospace related material property enhancements using various carbonaceous nano-reinforcements depends upon the type of nanocarbon, dimensionality, as well as inherent features of these nanostructures (in addition to the choice of manufacturing methods). Furthermore, carbon nano-reinforcements have been filled, besides carbon fibers, in the epoxy matrices. Nanocarbon coated carbon fibers have been filled in epoxy resins to form the high performance nanomaterials for space structures. The engineering features of these materials have been experiential appropriate for the aerospace structures. Further research on these nanomaterials may be a key towards future opportunities in the aero systems. Additionally, the explorations on structure-property relationships of the carbonaceous nanocomposites have been found indispensable for the development of advanced aerospace structures.