Carbon nanofibers (CNFs) with diameters in the submicron and nanometer range exhibit high specific surface area, hierarchically porous structure, flexibility, and super strength which allow them to be used in the electrode materials of energy storage devices, and as hybrid-type filler in carbon fiber reinforced plastics and bone tissue scaffold. Unlike catalytic synthesis and other methods, electrospinning of various polymeric precursors followed by stabilization and carbonization has become a straightforward and convenient way to fabricate continuous CNFs. This paper is a comprehensive and brief review on the latest advances made in the development of electrospun CNFs with major focus on the promising applications accomplished by appropriately regulating the microstructural, mechanical, and electrical properties of as-spun CNFs. Additionally, the article describes the various strategies to make a variety of carbon CNFs for energy conversion and storage, catalysis, sensor, adsorption/separation, and biomedical applications. It is envisioned that electrospun CNFs will be the key materials of green science and technology through close collaborations with carbon fibers and carbon nanotubes.