Carbon nanotubes and graphene are two types of nanomaterials that have unique properties and potential applications in various fields, including biomedicine, energy storage, and gas sensing. However, there is still a debate about the safety of these materials, and there is yet to be a complete consensus on their potential risks to human health and the environment. While some studies have provided recommendations for occupational exposure limits, more research is needed to fully understand the potential risks of these materials to human health and the environment. In this review, we will try to summarize the advantages and disadvantages of using carbon nanotubes and graphene as well as composites containing them in the context of their biocompatibility and toxicity to living systems. In addition, we overview current policy guidelines and technical regulations regarding the safety of carbon-based nanomaterials.