Polymer electrolyte fuel cells (PEFCs) are undoubtedly an important part in the energy scenario of the future hydrogen economy as they efficiently convert chemical energy into electrical energy with almost zero environmental impact during operation. The major barriers to overcome for widespread commercialization of PEFCs are cost and durability issues, with the development of electrocatalysts as an important challenge. Carbon nanostructures are playing a relevant role in the latest advances of electrocatalyst formulations, acting as either catalyst support or catalyst itself when combined with other elements. Graphene, carbon nanofilaments, carbon gels, mesoporous carbons, and other typologies of carbon nanostructures have shown to be determinant in the activity and durability of the electrodes at fuel cells. In this article, the current situation of fuel cells is briefly revised, with emphasis on PEFCs and the role of carbon materials at different levels and components. Then, a practical guide is provided for the evaluation of the main properties of carbon nanostructures with implications on the development of supports and electrocatalysts, describing the most useful techniques to determine porosity, surface area, chemical composition, nanostructure, capacitance, and oxidation rate. The recent investigations are finally reviewed on graphene, carbon nanofilaments, carbon gels, and ordered mesoporous carbon in the field of fuel cells, mainly as carbon supports or catalytic structures for the reduction of oxygen or the oxidation of alcohols.