Graphene and carbon quantum dots have extraordinary optical and electrical features because of their quantum confinement properties. This makes them attractive materials for applications in photovoltaic devices (PV). Their versatility has led to their being used as light harvesting materials or selective contacts, either for holes or electrons, in silicon quantum dot, polymer or dye-sensitized solar cells. In this review, we summarize the most common uses of both types of semiconducting materials and highlight the significant advances made in recent years due to the influence that synthetic materials have on final performance.