The introduction of photochromism into nanosystems has resulted in the development of a class of light‐driven functional hybrid nanomaterials. Photochromic molecules have remarkable potential in memory and optical devices, as well as in driving and manipulating molecular motors or actuators and many other systems using light. When photochromic molecules are introduced into carbon nanomaterials (CNMs), the resulting hybrids provide unique advantages and create new functions that can be employed in specific applications and devices. In this review, we highlight the recent developments in diverse photochromic CNMs. Photochromic molecules and CNMs are also introduced. The fundamentals of different photochromic CNMs are discussed, including design principles and the types of interactions between CNMs and photochromic molecules via covalent interactions and non‐covalent bonding such as π−π stacking, amphiphilic, electrostatic, and hydrogen bonding. We then highlight the properties of photochromic CNMs, e.g., in photopatterning, fluorescence modulation, actuation, and photoinduced surface‐relief gratings; and their applications in energy storage (solar thermal fuels, photothermal batteries, and supercapacitors), nanoelectronics (transistors, molecular junctions, photo‐switchable conductance, and photoinduced electron transfer), sensors, and bioimaging. Finally, we present an outlook on the challenges and opportunities in the future of photochromic CNMs. This review discusses a vibrant interdisciplinary research field and is expected to stimulate further developments in nanoscience, advanced nanotechnology, intelligently responsive materials, and devices.This article is protected by copyright. All rights reserved