Nanocomposites based on Fe3O4 and carbonaceous nanoparticles (CNPs), including carbon nanotubes (CNTs) and graphene derivatives (graphene oxide (GO) and reduced graphene oxide (RGO)), such as Fe3O4@GO, Fe3O4@RGO, and Fe3O4@CNT, have demonstrated considerable potential in a number of health applications, including tissue regeneration and innovative cancer treatments such as hyperthermia (HT). This is due to their ability to transport drugs and generate localized heat under the influence of an alternating magnetic field on Fe3O4. Despite the promising potential of CNTs and graphene derivatives as drug delivery systems, their use in biological applications is hindered by challenges related to dispersion in physiological media and particle agglomeration. Hence, a solid foundation has been established for the integration of various synthesis techniques for these nanocomposites, with the wet co-precipitation method being the most prevalent. Moreover, the dimensions and morphology of the composite nanoparticles are directly correlated with the value of magnetic saturation, thus influencing the efficiency of the composite in drug delivery and other significant biomedical applications. The current demand for this type of material is related to the loading of a larger quantity of drugs within the hybrid structure of the carrier, with the objective of releasing this amount into the tumor cells. A second demand refers to the biocompatibility of the drug carrier and its capacity to permeate cell membranes, as well as the processes occurring within the drug carriers. The main objective of this paper is to review the synthesis methods used to prepare hybrids based on Fe3O4 and CNPs, such as GO, RGO, and CNTs, and to examinate their role in the formation of hybrid nanoparticles and the correlation between their morphology, the dimensions, and optical/magnetic properties.