In the present decade, urbanization, industrial expansion, overpopulation, etc. have generated huge volumes of waste. It is becoming a universal challenge that needs an imperative solution. In addition, significant progress in the biomedical field has influenced the complete spectrum of medicine and healthcare. This has broadened the further discovery of different biomedical strategies for the detection and healing of different diseases. A wide variety of nanomaterialsNanomaterials have been developed for diverse biomedical applicationsBiomedical applications like bio-imaging, bio-sensors, vaccinations, drug deliveryDrug delivery, etc. The exploitation of waste to generate precious products has unexpected compensation so far as climate and economy are concerned. Carbon-based nanomaterials comprising grapheneGraphene, fullerenes, carbon dotsCarbon dots, carbon nanofibers, carbon nanotubes, etc. have broad biomedical applications on account of their distinct thermal, opticalOptical, electrical, mechanicalMechanical, and superior biocompatible nature. Although several methods have been reported highlighting the synthesis of high-value carbon nanomaterialsNanomaterials, the production of carbon nanomaterials recycled or prepared using wastes as precursors is noteworthy. These not only evade harmful effects on the environment but also execute circular economy practices. In the present chapter, a general discussion on different carbonous waste materialsWaste materials, along with waste-driven carbon nanomaterials in particular for drug deliveryDrug delivery applications is highlighted.