Ever since their experimental discovery in 1985, fullerenes have attracted considerable attention in different fields of sciences. Investigations of chemical, physical and biological properties of fullerenes have yielded promising information. Their unique carbon cage structure coupled with immense scope for derivatization makes fullerenes a potential therapeutic agent. Henceforth various potential therapeutic applications of fullerenes have been reviewed in the present paper. These include antiHIV- protease activity, photodynamic DNA cleavage, free radical scavenger, antimicrobial action and use of fullerenes as diagnostic agents.