Carbon nanoparticles (CDs) have recently drawn a great attention in (bio)chemical analysis, sensing and bioimaging owing to their photostability, water stability, minimal toxicity, biocompatibility and ease of surface functionalization. While the vast majority of CDs applications rely on exploiting their fluorescent properties, doping such nanomaterials with various elements has recently received increasing attention as an effective approach to modify their optoelectronic characteristics, introducing novel improved optical features such as phosphorescence, upconversion luminescence or multimodal imaging capabilities. This review article focuses in the recent advances on the synthesis of heteroatom-doped CDs, exhibiting distinctive features of high value for sensing and imaging, as well as various functionalization schemes developed for guided analyte labeling. Relevant applications in chemical sensing, bioimaging and disease therapy are here presented. A final section intends to provide an overview towards future developments of such emerging light-emitting nanomaterials in the design of future devices and strategies for (bio)analytical chemistry.