Along with genetic engineering, nanotechnology appears to be the other big growth area of this century. Nanotechnology means building useful things at the 10
−9
m level. Nanotechnology is not synonymous with chemistry, since it is more specific and concerned with observing atoms and molecules and manipulating them through visual observation at the nanoscale level. However, it may eventually encompass all of chemistry and a large part of physics and molecular biology. Feynman’s and Drexler’s definitions now define the field of molecular nanotechnology, which is sometimes also called molecular manufacturing. The latter is a poor description, since it is synonymous with synthetic chemistry. Other terms, such as molecular engineering, have also been used, but these terms have also broadened to include manipulating larger than atomic entities and the ability to design and manufacture materials and devices that are tens or hundreds of atoms across. Once material sizes are reduced below 100 nm, they begin demonstrating an array of unique properties based on quantum mechanical effects, rather than the familiar Newtonian mechanics that operate in the macroscopic scale. There are two fundamental strategies used to produce very small machines or devices. The “top‐down” approach takes a chunk of material and by physical methods carves out the desired nanostructure. The “bottom‐up” approach is the most promising since increasingly complex structures are intentionally assembled from nanoscale components to build larger scale devices. This article provides a short overview of current nanotechnology with special emphasis on fullerene and carbon nanotube properties and applications that have been pursued during the past decade. Development in covalent and non covalent fullerene and carbon nanotube functionalization led to the preparation of new supramolecular architectures such as electron acceptors for photo induced energy transfer. These molecular structures feature marked properties as a consequence of the existence of the fullerene or carbon nanotube components. A review of efficient ways on the organic functionalization of fullerenes and carbon nanotubes is also provided. Langmuir‐Blodgett and self assembly are two commonly used techniques for organizing functionalized fullerenes and nanotubes in highly ordred thin films. Characterization techniques for these films are briefly presented.