Carbon nanofibers (CNFs) have shown great potential in multiple applications. Their versatility is derived from the possibility of tuning their physical and chemical properties. CNFs can be synthesized using two main methods: the catalytic decomposition of carbon precursors or the electrospinning and carbonization of polymers. The most appropriate method relies on the desired characteristics of the CNFs. Some of their applications include the synthesis of catalysts and catalytic supports, as electrodes for fuel cell devices, in hydrogen storage systems, and in functional nanocomposites. In this review, recent advances in the synthesis and potential applications of CNFs are examined.