Carbon nanostructure has an edge over other materials due to their wide range of applications. This is because carbon can form three well known allotropes that are distinguished by different types of electron hybridization viz. diamond, graphite and carbine with sp3-, sp2-, and sp1-, hybridization of carbon atoms, respectively. It has also a stable pn - pn bonding which makes it useful for three to zero dimensional structures with a broad variety of attainable physical, chemical, electronic, optical and low temperature properties. Synthetic procedures of nano-diamond and diamond like carbon (DLC) are discussed with a brief history of their developments. The status of research on nanocrystalline diamond films during last ten years and its possible applications have also been focused in this review. Semiconductor to metal transition with change of film thickness, field emission and the appearance of superconductivity around 4.9K in DLC films incorporated with 60% tungsten (W) showed new road of research with DLC materials.