Carbon nanomaterials (CNMs) are a fascinating class of materials that have gained considerable interest in recent years. Their favourable biocompatibility, combined with unique chemical and mechanical properties, has attracted scientists from various disciplines. A significant hurdle in their deployment in biomedical applications is their hydrophobicity in their pristine form. This review surveys and discusses existing non-covalent methods of functionalising CNMs with biocompatible dispersants to facilitate their incorporation into aqueous solutions. Different types of dispersants will be examined and compared as well as the factors affecting their efficiency. This work seeks to provide a compilation of the various methods employed in producing biocompatible CNM dispersions.