Nanocellulose can be obtained from low-cost sources and has been extensively studied in the last decades due to its biodegradability, biocompatibility, low weight, large specific surface area, and good mechanical and optical properties. The nanocellulose properties palette can be greatly expanded by incorporating different metals, metal oxides or carbon nanomaterials, with the formation of multifunctional hybrids. Nanocellulose–nanocarbon hybrids are emerging nanomaterials that can respond to many current challenges in areas such as water purification, energy storage and conversion, or biomedicine for drug delivery, tissue engineering, antitumor and antimicrobial therapies, and many others. Although nanocellulose–nanodiamonds hybrids are still in their infancy, these nanomaterials are extremely promising for applications requiring good thermal conductivity and mechanical strength along with optical transparency. A strong increase in the thermal conductivity of a nanocellulose film of about 150 times was obtained after the addition of 90 wt% single-crystal nanodiamonds and a 70% increase in the Young’s modulus of nanocellulose films was produced by the addition of 5 wt% nanodiamonds. Therefore, in this review, data related to the manufacturing routes, main properties, and applications of nanocellulose–nanodiamonds hybrids are presented and discussed. This review paves the way for new methods and procedures to obtain nanocellulose–nanodiamonds hybrids better adapted to practical needs.