Carbon nanotubes (CNT) represent one of the most unique materials in the field of nanotechnology. CNT are the allotrope of carbon having sp2 hybridization. CNT are considered to be rolled-up graphene with a nanostructure that can have a length to diameter ratio greater than 1,000,000. CNT can be single-, double-, and multi-walled. CNT have unique mechanical, electrical, and optical properties, all of which have been extensively studied. The novel properties of CNT are their light weight, small size with a high aspect ratio, good tensile strength, and good conducting characteristics, which make them useful for various applications. The present review is focused on the structure, properties, toxicity, synthesis methods, growth mechanism and their applications. Techniques that have been developed to synthesize CNT in sizeable quantities, including arc discharge, laser ablation, chemical vapor deposition, etc., have been explained. The toxic effect of CNT is also presented in a summarized form. Recent CNT applications showing a very promising glimpse into the future of CNT in nanotechnology such as optics, electronics, sensing, mechanical, electrical, storage, and other fields of materials science are presented in the review.