Since the discovery of carbon nanotubes by Sumio Iijima, an intensive research on carbon materials has been carried out. Carbon nanotubes and carbon nanofibers have drawn much attention due to their electronic and mechanical properties. However, because of low production capacity and high production costs at present, their applications cannot be extended until large-scale production is realized. Among the many synthetic methods, chemical vapor deposition method has advantages of high yield, high selectivity and low cost over traditional physical ones such as laser ablation and arc-discharge. High yield synthesis of one dimensional carbon nanostructures is essential for applications. In this book, an economical and environmental friendly route for the scalable production of CNTs and CNFs on easy soluble support has been discussed. The use of synthesized carbon nanotubes as catalyst support for oxidation of alcohols by Schiff base complexes and also as hydrogen storage materials is discussed in detail.