The dimensionality of a system has a profound influence on its physical behavior, especially for nanostructured materials where at least one of the dimensions is less than 100 nm and, in many instances, the size is comparable with the size of many fundamental physical quantities. Carbon-based nanostructured materials exhibit unique mechanical, electrical, and optical characteristics that may result in many unique device designs. The materials are biocompatible, chemically inert, yet capable of altering electronic properties in presence of some chemical species, dimensionally compatible with bio-molecules, and have interesting electronic characteristics; hence, rendering them as potential chemical and biosensors. A recent heightened awareness of the potential for inadvertent or deliberate contamination of environment and food and agricultural products has made decentralized sensing an important issue for several federal agencies. Recent progress in nanostructured materials and its possible applications in chemical and biological sensors could have a significant impact on data collection, processing, and recognition. Our present and ongoing investigation is aimed towards evaluating the applications of carbon-based nanotubes, nanowires, and nanoporous materials in unique devices and sensors, based on its unique characteristics, morphological flexibility, and biocompatibility.