Recent sustainable advancement in carbon nanotechnology has further broadened the scope of application of carbon based materials, especially graphene based polymer nanocomposites, in emerging applications. This paper mainly focuses on recently emerging trends in synthesis and properties of graphene based polymer nanocomposites, in addition to brief discussion of some selected carbon based nanocomposites for application in electromagnetic interference shielding efficiency, terahertz shielding efficiency, electrostatic dissipation, thermal interface materials, sensors, and energy storage. Finally, an overview of recently emerging trends in sustainability, economies of scale, and emerging commercial market share of these materials is also presented.