In this review paper, the processes for the fabrication of carbon nanoparticles, carbon nanospheres, carbon onions, onion-like carbons and metal-filled carbon nanocapsules are reviewed. These processes include carbon arc discharge, metal catalysed chemical vapour deposition, thermal pyrolysis of organometallics and nanodiamonds, electric arc in liquid (e.g. liquid N2, H2O and organic solvents), and microwave arcing. The applications of both hollow and metal-filled carbon nanocapsules/nanoparticles as x-ray target materials, nanolubricants, broadband electromagnetic wave absorbers, catalysts for organic reactions, electrode materials for batteries and electrochemical immunoassays, biomedical gene/drug transporters, etc are also reviewed. The future prospects are also discussed.