Fullerenes, the third carbon allotrope, have emerged as agents which could revolutionize the treatment of many diseases. Fullerenes possess different biological applications like neuroprotective agents, antioxidants, anti-HIV activity, enzyme inhibition, antiapoptotic activity and the list is ever increasing. Moreover, they are being utilized as drug carrier systems and also for many non-biological applications like superconductors, catalysis and so on. Their size has made them promising agents for nanotechnology. This article aims at outlining the chemistry, properties and non-biological applications of fullerenes and their evolution to biological applications, thereby traversing their evolution from simple carbon allotropes to present day nano-medicinal agents.