Recently, it has been found that carbon nanotubes (CNTs) and graphene could prove to be the most promising carbonaceous fillers in polymers nanocomposites field because of their better structural and functional properties. Their uniform dispersion in polymer matrix leads to significant improvements in their several properties. This paper reviews the effect of nanofillers, ie, CNTs, derivatized CNTs, and graphene on the polycarbonate nanocomposite and its application in aerospace, automobile, sports, electronic sectors, and various industries. The comparative analysis of carbon‐based fillers on the different properties of polycarbonate nanocomposites is also included.