Carbon nanotubes are discussed in this paper from the time of their discovery to present day applications. Specifically the production methods, properties and industrial applications of carbon nanotubes are reviewed. Production methods include classical approaches such as the arc method, chemical vapor deposition, laser ablation, and electric arc discharge along with new methods which are being tested such as through solar energy, plasma and microgravity environments. The electrical and mechanical properties and actual structure of carbon nanotubes are discussed in detail. Both current applications of carbon nanotubes along with potential uses are also elucidated in this review. The data has been compiled from open literature to comment on trends in behavior of the carbon nanotubes.