After the discovery of Fullerenes, the 60-atom clusters and large carbon-cage molecules,the attention of scientists and materials scientists has been attracted by the synthesesof new materials based on the family of Fullerene molecules. Many properties ofFullerenes are new and unusual. With a better understanding of their chemical andphysical properties, the fabrication of new materials for advanced applications hasemerged as a challenging possibility. As we know that Fullerenes are easily modified,using organic chemistry and special synthetic techniques, into other molecular structures,this makes them remarkably versatile. The versatility of Fullerenes gives them enormousapplications. This paper will review on Fullerenes and Fullerene derivatives properties,what is interesting about these çnewé carbon materials and how their unique propertiescan be utilized in potential applications. Applications of Fullerenes and Fullerenederivatives in areas such as semiconductors, superconductors, polymer-like materials,catalysts have been reviewed. In the medical field, the potential applications ofFullerenes and Fullerene derivatives include diagnostic or therapeutic agents, inhibitionof HIV-P, powerful biological antioxidants, antibacterial activity, and DNA photocleavage.