Outstanding progress has been made in drug delivery approaches. However, challenges still exist in delivering clinically optimal levels of therapeutic molecules. Advances in nanotechnology and nanomedicine have heralded the advent of several innovative nanomaterials which are set to revolutionize the field of drug delivery. Carbon nanotubes are one such novel class of nanomaterials that are gaining increasing attention. They have been modified with several molecules of therapeutic interest. Excellent progress has been made in harnessing the potential of carbon nanotubes for several drug delivery and other applications. Functionalized carbon nanotubes have been demonstrated to deliver proteins, nucleic acids, drugs, antibodies and other therapeutics. Emerging developments in this area are pointing towards the successful utilization of carbon nanotubes for drug delivery. This review presents a comprehensive summary of the recent patents in carbon nanotube mediated drug delivery systems, their clinical significance, limitations and future prospects.