Carbon Nanotubes (CNTs) have attracted the attention of scientific community due to their fundamental and technical importance. The structural diversities and the related diverse physical properties with large aspect ratio, small diameter and low density, are extremely fascinating. CNTs can behave as metallic conductors, semiconductors or insulators depending on their chirality, diameter and presence of defects. Their nano-scale dimension can be exploited as they have high accessible surface areas that make them not only exhibit high electronic conductivity but also useful mechanical properties. This chapter discusses on the production of CNTs, both single wall nanotubes and multiwall nanotubes giving emphasis on pulsed laser technique and microwave assisted chemical vapor deposition technique. The word wizard is coined due to their remarkable properties leading to their potential applications which are likely to stretch across different areas of industry. © Springer-Verlag Berlin Heidelberg 2010.