Several fabrication methods have been proposed to develop the metal matrix nanocomposites (MMNCs) reinforced by carbon nanomaterials (mostly the nanotubes, and graphene) by means of the liquid-state and the solid-state techniques. The spraying processes, the squeeze casting, the disintegrated melt deposition processes, the milling fabrication, and the friction stir processing have been used to fabricate the composite. However, the MMNCs, containing the fullerenes as reinforcement, are less known, although the properties of these objects with the predominant sp2 bonding also extend their use in the composites. Fullerenes are hollow carbon molecules in the form of a sphere (buckyballs). Buckyballs can be essentially regarded as graphite layers, i.e., graphene sheets, wrapped into a spherical shape. Considering the staggering cost and limited availability of purified single-walled carbon nanotubes (CNTs) and graphene, fullerenes with a spherical structure offer an interesting alternative to CNTs and graphene since they are available in abundance and at a much feasible cost. Furthermore, fullerenes offer a high degree of purity and maintain their quality even during the subsequent reproduction cycles. Thus currently, the fullerenes are widely investigated and have the potential for various technical applications. A significant potential application of fullerenes would be as reinforcement in metallic alloys used in structural parts. It should be noted that buckyballs, such as C60 fullerenes, may be considered as fascinating reinforcements in comparison to CNT or graphene, due to their zero-dimensional geometry. They can be easily dispersed and are scarcely damaged during severe mechanical dispersion processes carried out in metal matrix composites. Fullerene has a great impact on Tribology applications due to its lubricating behavior. The spherical morphology and strong intermolecular bonding make fullerene as a lubricant material for industrial applications. This article will showcase in-depth analysis on collective information of fullerene-based nanocomposites.