Nanotechnology has opened new paths for cancer treatment, with carbon nanostructures (CNSs) becoming drug delivery vehicles. This review examines fullerenes, carbon nanotubes (CNTs), graphene, and their derivatives as effective drug delivery vehicles for anticancer therapies. Their high surface area, ease of functionalization, exceptional thermal and electrical conductivity, and ability to cross biological barriers make them ideal candidates for improving anticancer drug specificity, bioavailability, and therapeutic efficacy while minimizing systemic toxicity. The biocompatibility and changeable surfaces of CNSs provide targeted delivery to treat cancer cell heterogeneity. This precision targeting reduces chemotherapy side effects. Adding ligands, antibodies, and peptides to CNSs makes them more selective for cancer cells, letting the therapeutic payload go to the tumor site. Because they absorb a lot of light, graphene-based nanostructures can be used in photothermal therapy and photoacoustic imaging to treat and keep an eye on cancers without cutting them open. CNSs in multimodal cancer treatment techniques, such as radio-chemotherapy, may improve cancer treatment. After clinical research and biocompatibility improvements, CNSs could transform cancer treatment with more precise, efficient, and less toxic choices. Thus, using carbon nanostructures in cancer treatment marks a breakthrough in nanomedicine and a new age of focused and effective cancer treatments.