Abstract Carbon nanotubes (CNTs) possess remarkable nonlinear optical properties; a particular application is to function as a mode locker used in ultrafast fiber lasers to produce ultrashort optical pulses. Various types of CNT saturable absorbers (SAs) and ultrafast fiber lasers have been demonstrated. In this review, typical fabrication process and development of CNT SAs are discussed and we highlight the recent investigation and progress of state-of-the-art ultrafast fiber lasers covering GHz, bidirectional ultrafast fiber lasers, vectorial mode fiber lasers, comb systems, and mode-locking dynamics. Our perspectives of ultrafast fiber lasers based on CNT SAs are given finally.