Carbon,　owing　to　its　unique　properties　such　as　surface　area,　pore　features,　conductivity,　and　chemical　and　thermal　stability,　has　found　several　applications　in　the　field　of　sensors,　energy　storage,　electrocatalysis,　and　hydrogen　storage.　However,　the　properties　of　pristine　carbon　are　sometimes　insufficient　to　meet　the　requirements　of　a　particular　application.　Heteroatom　co-doping　may　not　only　enhance　the　surface　area,　improve　the　porosity,　and　enhance　the　redox　activity,　but　it　also　increases　stability.　B,　N　heteroatom　co-doping　has　gained　popularity　as　it　is　found　to　be　an　effective　way　to　enhance　the　properties　of　porous　carbon　by　influencing　the　physicochemical,　electrochemical,　and　electrical　properties,　thereby　widening　its　applications.　In　this　review,　the　rational　synthetic　strategies　that　are　used　to　produce　B,　N　co-doped　carbon　are　described.　Further,　the　charge　conduction　in　such　B,　N　co-doped　carbon-based　materials　(including　metal　and　metal-free)　is　discussed　in　detail.　Certain　remarkable　works　representing　the　various　applications　of　B,　N　co-doped　carbon　in　the　area　of　electrocatalysis,　energy　storage　(rechargeable　batteries　and　supercapacitors),　and　sensors　are　also　highlighted.　Finally,　the　review　ends　with　a　discussion　of　the　existing　challenges　and　possible　future　directions　of　research　on　B,　N　co-doped　carbon.