In recent years, flame synthesis has absorbed a great deal of attention as a combustion method for the production of metal oxide nanoparticles, carbon nanotubes, and other related carbon nanostructures, over the existing conventional methods. Flame synthesis is an energyefficient, scalable, cost-effective, rapid and continuous process, where flame provides the necessary chemical species for the nucleation of carbon structures (feed stock or precursor) and the energy for the production of carbon nanostructures. The production yield can be optimized by altering various parameters such as fuel profile, equivalence ratio, catalyst chemistry and structure, burner configuration and residence time. In the present report, diffusion and premixed flame synthesis methods are reviewed to develop a better understanding of factors affecting the morphology, positioning, purity, uniformity and scalability for the development of carbon nanotubes along with their correlated carbonaceous derivative nanostructures.