This state-of-the-art article summarizes the design, fabrication, properties, and potential of polymer/fullerene nanocomposite nanofibers. Polymers such as epoxy, polylactic acid, poly(N-vinylcarbazole), and poly(3-hexylthiophene) have been processed with fullerene nano-reinforcement to form nanofibers. The most prominent fabrication technique utilized for these nanofibers is electrospinning. The nanocomposite nanofibers have been investigated for their unique microstructure, mechanical, thermal, and other physical characteristics. The polymer/fullerene nanofiber properties depend upon nanofiller content/dispersion, matrix-nanofiller interactions, and fabrication technique/parameters. Potential applications of polymer/fullerene nanocomposite nanofibers have been observed for photovoltaics, Li-ion batteries, and bioimaging. Future research attempts are indispensable to achieve innovative designs and technical performance of nanocomposite nanofibers.