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Abstract In spite of good development and progress in lubricants, billions US dollars are being lost in many industries and motor vehicles globally due to engine frictions. Therefore, there is a great need to develop more efficient and effective lubricants. Many people modified lubricants by using nano materials, which seems to be a bright future. The present review paper considers the application of carbon nanostructures, such as carbon nanotubes and graphene, as nano-additives to lubricants in order to improve their tribological characteristics i.e. to decrease friction and wear. Some important aspects of nanoparticles in modifying lubricants are size, form, structure, surface functionalization, concentration, physical and chemical properties of surfaces, which are outlined in this article. It was observed that the adding of nano-additives to lubricants; even at low concentrations; considerably decreased the friction and wear coefficients. Moreover, carbon nanotubes and graphene are environmentally friendly and safe. Thus, all these factors allow positive assessment of the prospects of using the abovementioned nanomaterials to modify lubricants. The present article will be useful for the researchers and industrial persons. Highlights • Different carbon nanomaterials are lubricant modifiers. • Improves tribological properties of the lubricants due to carbon nanoparticles • Graphene nanoparticles: Most prospective lubricants additives • Carbon nanotubes and graphene are environmentally friendly and safe lubricant modifiers. [ABSTRACT FROM AUTHOR]