The reinforcing ability of the fillers results in significant improvements in properties of polymer matrix at extremely low filler loadings compared to conventional fillers. In view of this, present review article describes the different methods used in preparation of different rubber nanocomposites reinforced with nanodimensional individual carbonaceous fillers, such as graphene, expanded graphite, single walled carbon nanotubes, multiwalled carbon nanotubes and graphite oxide, graphene oxide and hybrid fillers consisting combination of individual fillers. This is followed by review of mechanical properties (tensile strength, elongation at break, Young modulus, and fracture toughness) and dynamic mechanical properties (glass transition temperature, crystallization temperature, melting point) of these rubber nanocomposites. Finally, Payne and Mullin Effects have also been reviewed in rubber filled with different carbon based nanofillers.