Functional materials based on the crystalline allotropes of carbon have garnered tremendous interest from researchers in chemistry, physics, and material science for a long time. This paper reviews studies carried out on carbon black and graphite derivatives, their properties, and manufacturing applications. Graphite derivatives such as graphene, graphene oxide, reduced graphene oxide, expanded graphite, and graphene quantum dots are reviewed, along with a discussion of their synthesis and advantages. Generally, carbon black and graphite derivatives are incorporated into the polymeric material to enhance the performance of the end material. Recently, much attention has turned to the structural and electronic properties of carbon-based polymeric materials. Hence, at present, graphite-based polymeric material is the hottest topic in physics and materials science due to excellent electric and thermal conductivity, optical, mechanical properties, etc. The most common and widely used filler for rubber in the industry is carbon black due to its excellent physico-mechanical properties, thermal stability, oil resistance, etc. Therefore, carbon black and graphite derivatives incorporated composites of natural rubber have been reviewed in detail, along with a discussion of the current limitations and challenges of these exciting materials.