This article reviews the recent progress towards achieving carbon-based thermoelectric materials. A wide range of experimental and computational studies on carbon allotropes and composites is covered in this review paper. Specifically, we discuss the strategies for engineering graphene, graphene nanoribbon, graphene nanomesh, graphene nanowiggle, carbon nanotube (CNT), fullerene, graphyne, and carbon quantum dot for better thermoelectric performance. Moreover, we discuss the most recent advances in CNT/graphene-polymer composites and the related challenges and solutions. We also highlight the important charge and heat transfer mechanisms in carbon-based materials and state-of-the-art strategies for enhancing thermoelectric performance. Finally, we provide an outlook towards the future of carbon-based thermoelectrics.