Owing to their unusual combinations of physical and chemical features such as high electrical and thermal conductivity, strong mechanical strength, and amazing optical properties, carbon-based nanoparticles such as graphene oxide and carbon dots have attracted growing attention which encouraged the development of large-scale industrial production method. Substantial research efforts are being made to use these materials for various applications. The eco-friendly, economic, and low toxic carbon-based nanoparticles made by green synthesis for biomedical applications are now rapidly gaining the interest of scientists all over the world looking for more biocompatible nanostructures for their use in biomedical applications. Although a broad variety of synthesis techniques have been established to obtain carbon-based nanoparticles, green synthesis has recently gained increasing popularity with energy-saving reactions and affordable starting materials. The latest advances demonstrate that the conversion of low-value waste materials into high-value carbon-based nanoparticles leads to sustainable and renewable technology.