This paper showcases current developments in the use of carbon nanotube (CNT) and nanoparticle-based materials for electromagnetic radiation shielding. Electromagnetic radiation involves different types of radiation covering a wide spectrum of frequencies. Due to their good electrical conductivity, small diameter, and light weight, individual CNTs are good candidates for shielding radio and microwaves. CNTs can be organized into macroscale forms by dispersing them in polymers or by wrapping CNT strands into fabrics or yarn. Magnetic nanoparticles can also be incorporated into the CNT fabric to provide excellent shielding of electromagnetic waves. However, for shielding higher-frequency X-ray and gamma ray radiation, the situation is reversed. Carbon’s low atomic number means that CNTs alone are less effective than metals. Thus, different nanoparticles such as tungsten are added to the CNT materials to provide improved shielding of photons. The goal is to achieve a desired combination of light weight, flexibility, safety, and multifunctionality for use in shielding spacecraft, satellites, nuclear reactors, and medical garments and to support lunar colonization. Future research should investigate the effect of the size, shape, and configuration of nanoparticles on radiation shielding. Developing large-scale low-cost methods for the continuous manufacturing of lightweight multifunctional nanoparticle-based materials is also needed.