Herein, we provide a possible description for the isolation/fabrication of nanocarbons from freely available global pollutant waste as black-carbonaceous-soot particulates known as black carbon (BC). It is important to mention here that BC contains many different types of nanocarbons, which have routinely been formed during combustion and were further admixed with air, and therefore enhancing the possibility of global warming. Nevertheless, the different composition and burning condition of fuel results in the emission of different-sized−shaped soot particulates. BC particulates are generally divided into two categories, i.e., indoor and outdoor BC. A possibility has been discussed here to develop some more easily accessible isolation methodologies for the extraction of nanocarbons from BC, explicitly with the expectation to use them for fruitful purposes. Additionally, it will also contributing in improving the overall air quality. In particular, this review summarizes the spectroscopic and microscopic identifications of nanocarbons isolated from the different types of indoor and outdoor BC particulates. Further, in subsequent sections, we have discussed their possible applications, like sensing, bioimaging/biological activity, adsorption, photocatalysis, energy storage devices, agricultural uses, photonics, superamphiphobic material, etc.