Advanced electrical conductors that outperform copper and aluminum can revolutionize our lives by enabling billions of dollars in energy savings and facilitating a transition to an electric mobility future. Nanocarbons (carbon nanotubes and graphene) present a unique opportunity for developing advanced conductors for electrical power, communications, electronics, and electric machines for the defense, energy, and automotive industries. Herein, the major research progress in the field of advanced nanocarbon‐based and metal–nanocarbon conductors is compiled. The benefits and drawbacks of advanced conductors are also elucidated with respect to conventional ones and their materials science, mechanical and physical properties, and characterization are discussed. Finally, several areas of future research for advanced electrical conductors are proposed.