Carbon nanotubes are graphene sheets rolled up in cylinders with diameter as small as 1nm. Extensive work carried out in recent years has revealed the intriguing properties of this novel material. Exceptional property combined with low density of nanotubes makes them suitable for use as reinforcements in composites. Low volume of production and high cost is the main limitations towards their growth and application. Nanofibres bridge the gap between the conventional carbon fibre and the carbon nanotubes. With their low cost & comparatively higher volume of production along with their exceptional properties, the nanofibres are considered attractive material as nanoscale reinforcement. In this article a concise review of structure, property. production and application of carbon nanotubes and nanofibres have been discussed.