Lately, carbon nanomaterials have garnered significant attention across a spectrum of industrial sectors. Their exceptional chemical, physical, mechanical, and thermal attributes have made them indispensable for enhancing the effectiveness and cost‐efficiency of drilling fluids. Particularly, graphene‐based nanomaterials have emerged as potent solutions to address challenges in the oil and gas industry. This review consolidates the contributions of diverse carbon‐based nanomaterials to the oil and gas sector, with a specific focus on their impact on the rheological properties of drilling fluids. It offers a comprehensive overview of recent advancements in carbon‐based nanomaterial applications within the drilling industry, encompassing crucial aspects of drilling fluids such as their response to temperature fluctuations, pH variations, and the influence of chemical additives. Furthermore, it assesses the efficacy of these carbon‐based nanomaterials in enhancing oil recovery processes and modulating rheological behavior. Various graphenoids, including graphene, graphene oxide, and carbon nanoplates, have been analyzed for their effects on key rheological properties such as plastic viscosity (PV), yield point (YP), gel strength (GS), filtrate loss (FL), and mud cake thickness (MCT). Lastly, the review delineates the current obstacles and potential future directions in the application of carbon‐based nanomaterials in the industry.