Carbon materials particularly in the form of sparkling diamonds have held mankind spellbound for centuries, and in its other forms, like coal and coke continue to serve mankind as a fuel material, like carbon black, carbon fibers, carbon nanofibers and carbon nanotubes meet requirements of reinforcing filler in several applications. All these various forms of carbon are possible because of the element's unique hybridization ability. Graphene (a single two-dimensional layer of carbon atoms bonded together in the hexagonal graphite lattice), the basic building block of graphite, is at the epicenter of present-day materials research because of its high values of Young's modulus, fracture strength, thermal conductivity, specific surface area and fascinating transport phenomena leading to its use in multifarious applications like energy storage materials, liquid crystal devices, mechanical resonators and polymer composites. In this review, we focus on graphite and describe its various modifications for use as modified fillers in polymer matrices for creating polymer–carbon nanocomposites.