Red emitting fluorescent carbon nanomaterials have drawn significant scientific interest in recent years due to their high quantum yield, water-dispersibility, photostability, biocompatibility, ease of surface functionalization, low cost and eco-friendliness. The red emissive characteristics of fluorescent carbon nanomaterials generally depend on the carbon source, reaction time, synthetic approach/methodology, surface functional groups, average size, and other reaction environments, which directly or indirectly help to achieve red emission. The importance of several factors to achieve red fluorescent carbon nanomaterials is highlighted in this review. Numerous plausible theories have been explained in detail to understand the origin of red fluorescence and tunable emission in these carbon-based nanostructures. The above advantages and fluorescence in the red region make them a potential candidate for multifunctional applications in various current fields. Therefore, this review focused on the recent advances in the synthesis approach, mechanism of fluorescence, and electronic and optical properties of red-emitting fluorescent carbon nanomaterials. This review also explains the several innovative applications of red-emitting fluorescent carbon nanomaterials such as biomedicine, light-emitting devices, sensing, photocatalysis, energy, anticounterfeiting, fluorescent silk, artificial photosynthesis, etc. It is hoped that by choosing appropriate methods, the present review can inspire and guide future research on the design of red emissive fluorescent carbon nanomaterials for potential advancements in multifunctional applications.