Nanocarbons such as carbon nanotubes (CNT) and graphene are considered to be ideal fillers for polymer composites, because of their outstanding mechanical properties and high length-to-diameter ratio. There has been much effort to realize the implementation of their full potential, but a large number of unsolved problems still must be challenged, for example, effective processing for fabrication. This review deals with the progress that has already been made in the area of nanocarbon polymer composites using CNT and graphene. Mechanical reinforcement of various nanocarbon polymer composites is analyzed and compared, and future perspectives in research and development that need to be done are discussed.