Water splitting has gained significant attention as a means to produce clean and sustainable hydrogen fuel through the electrochemical or photoelectrochemical decomposition of water. Efficient and cost-effective water splitting requires the development of highly active and stable catalysts for the oxygen evolution reaction (OER) and hydrogen evolution reaction (HER). Carbon nanomaterials, including carbon nanotubes, graphene, and carbon nanofibers, etc., have emerged as promising candidates for catalyzing these reactions due to their unique properties, such as high surface area, excellent electrical conductivity, and chemical stability. This review article provides an overview of recent advancements in the utilization of carbon nanomaterials as catalysts or catalyst supports for the OER and HER in water splitting. It discusses various strategies employed to enhance the catalytic activity and stability of carbon nanomaterials, such as surface functionalization, hybridization with other active materials, and optimization of nanostructure and morphology. The influence of carbon nanomaterial properties, such as defect density, doping, and surface chemistry, on electrochemical performance is also explored. Furthermore, the article highlights the challenges and opportunities in the field, including scalability, long-term stability, and integration of carbon nanomaterials into practical water splitting devices. Overall, carbon nanomaterials show great potential for advancing the field of water splitting and enabling the realization of efficient and sustainable hydrogen production.