Functionalized carbon materials are widely used in heterogeneous catalysis due to their unique properties such as adjustable surface properties, excellent thermal conductivity, high surface areas, tunable porosity, and moderate interactions with guest metals. The transformation of syngas into hydrocarbons (known as the Fischer–Tropsch synthesis) or oxygenates is an exothermic reaction and is typically catalyzed by transition metals dispersed on functionalized supports. Various carbon materials have been employed in syngas conversions not only for improving the performance or decreasing the dosage of expensive active metals but also for building model catalysts for fundamental research. This article provides a critical review on recent advances in the utilization of carbon materials, in particular the recently developed functionalized nanocarbon materials, for syngas conversions to either hydrocarbons or oxygenates. The unique features of carbon materials in dispersing metal nanoparticles, heteroatom doping, surface modification, and building special nanoarchitectures are highlighted. The key factors that control the reaction course and the reaction mechanism are discussed to gain insights for the rational design of efficient carbon‐supported catalysts for syngas conversions. The challenges and future opportunities in developing functionalized carbon materials for syngas conversions are briefly analyzed.