Covetics are a novel class of metal-carbon nanomaterials. The covetics are fabricated using a conventional induction furnace wherein an electric current is applied into an activated carbon infused molten metal medium. In situ generated arc discharge induces a chemical conversion reaction where the amorphous carbon attains a crystalline structure and forms covalent bonding with host metal matrix. Such fabrication approach also promotes higher carbon solubility in the molten metal than that in traditional metal-carbon alloys. Nanoscale structure analyses revealed single-phase carbon-metal lattice morphologies in the covetics. The covetics have also been shown to possess improved thermos-physical properties as compared to their parent metals. We herein present a review of the literature on the covetics. First, we introduce the covetic materials, and then provide a brief overview on metal-carbon nanocomposites. Then, we summarize experimental results on covetics. Finally, we discuss characterization challenges and future directions in the covetics research.