Now-a-days nanocomposites are used in almost all fields due to enhanced properties. Nanocomposite is composed of nanofibers and matrix. Due to large area to volume ratio nanofibers play a vital role in determining the characteristics of the nanocomposites. In this study it has been discussed about various properties of the carbon nanofibers in various matrix. From the study it is observed that mechanical properties like hardness, tensile strength are greatly affected by the size of nanofibers. By increasing CNF percentage in epoxy matrix it is observed that mechanical strength increased by 49%. Similarly other propertieslike physical property, electrical property, thermal property etc. get improved by the use of nanofibers. Materials having higher thermal conductivity such as Carbon and Diamond are introduced in the composite so as to increase thermal conductivity of nanocomposite. Generally the carbon based nanocomposites are used as supercapacitor, air purifier, battery and sensor.