Nanodiamonds (NDs) comprise a family of carbon-based nanomaterials (i.e., diameter <100 nm) with the same sp3 lattice structure that gives natural diamonds their exceptional hardness and electrical insulating properties. Among all carbon nanomaterials—e.g., carbon nanotubes, nanodots, and fullerenes—NDs are of particular interest for biomedical applications because they offer high biocompatibility, stability in vivo, and a dynamic surface chemistry that can be manipulated to perform a seemingly limitless variety of ultra-specific tasks. NDs are already deepening our understanding of basic biological processes, while numerous laboratories continue studying these novel nanomaterials with an aim of making seismic improvements in the prevention, diagnosis, and treatment of human diseases. This review surveys approximately 2000 the most recent articles published in the last five years and includes references to more than 150 of the most relevant publications on the biomedical applications of NDs. The findings are categorized by contemporary lines of investigation based on potential applications, namely: genetics and gene editing, drug delivery systems, neural interfacing, biomedical sensors, synthetic biology, and organ and tissue regeneration. This review also includes a brief background of NDs and the methods currently developed for their synthesis and preparation. Finally, recommendations for future investigations are offered.