Shape memory or stimuli responsive polymers have established a unique grouping of smart materials. The technical merit of these polymers has been evaluated in aerospace sector, since last few decades. Particularly, the stimuli responsive polymers render inherent competences to recuperate the structural damages in exterior/interior space architectures. In this context, both the thermoplastics as well as thermosetting polymers depicted essential stimuli responsive behaviour. As interpreted in this state-of the-art review, the carbonaceous reinforcement like carbon fibers and nano-reinforcements including nanocarbons (graphene, carbon nanotube) have been employed in the shape recovering matrices. The performance of ensuing shape retrieving aerospace materials was seemed to be reliant on the polymer chain crosslinking effects, filler/nanofiller dispersal/alignment, microstructural specs, interfacial contour and interactions, and processing techniques used. Consequently, the shape actuations of polymer/carbon fiber composites were found to be instigated and upgraded through the inclusion of nanocarbon nano-additives. The ensuing high-tech shape memory composites/nanocomposites have anomalous significance for various aero-structural units (fuselage, wings, antennas, engines, etc.) due to prevention of possible thermal/shock/impact damages. Future implications of carbonaceous shape memory composites/nanocomposites in aerospace demands minimizing the structure-property-performance challenges and large scale fabrication for industrial scale utilizations. In this way, deployment of carbonaceous nanofiller/filler based composites revealed enormous worth due to low density, anti-fatigue/wear, anti-corrosion, non-flammability, self-healing, and extended durability and long life operations. However, there are certain challenges associated with the use of nanocarbons and ensuing nanocomposites in this field markedly the adoption of appropriate carbon fiber coating technique, aggregation aptitude of nanocarbons, additional processing steps/cost, nanoparticle initiated invisible defects/voids, difficulty in machinability operations due to presence of nanoparticles, and corrosion risk of composite structures in contact with metal surfaces. By overcoming these hinderances, nanoparticles modified carbon fiber based composites can be promising towards a new look of upcoming modernized aerospace industry.