Proton exchange membrane fuel cells (PEMFCs) are an auspicious energy conversion technology with the potential to address rising energy demands while reducing greenhouse gas emissions. The stack’s performance, durability, and economy scale are greatly influenced by the materials used for the PEMFC, viz., the membrane electrocatalyst assembly (MEA) and bipolar flow plates (BPPs). Despite extensive study, carbon-based materials have outstanding physicochemical, electrical, and structural attributes crucial to stack performance, making them an excellent choice for PEMFC manufacturers. Carbon materials substantially impact the cost, performance, and durability of PEMFCs since they are prevalently sought for and widely employed in the construction of BPPs and gas diffusion layers (GDLs)) and in electrocatalysts as a support material. Consequently, it is essential to assemble a review that centers on utilizing such material potential, focusing on its research development, applications, problems, and future possibilities. The prime focus of this assessment is to offer a clear understanding of the potential roles of carbon and its allotropes in PEMFC applications. Consequently, this article comprehensively evaluates the applicability, functionality, recent advancements, and ambiguous concerns associated with carbonbased materials in PEMFCs.