Fullerene, a new allotrope of carbon with a spherical-shaped molecular structure, draws substantial attention of nano-scientists nowadays because of having numerous applications in different industrial fields such as materials science, building nano-sensors, modified composites, molecular drug containers, etc. This is the reason why having knowledge about fullerene is essential for any scientist working in any related field. Although fullerene is highly applicable, the high costs of its production has prevented its widespread use. There are numerous fullerene synthesis methods introduced by scientists, any of which has its own benefits, disadvantages, production costs, and parameters to be improved. In this review, fullerene preparation methods set up by various scientists were introduced and production process of each method was explained. Afterwards, each method and its important parameters, along with its direct effect on production yield and ways of improvement for each parameter, were discussed. Finally, all the methods were compared with one another, followed by selecting the methods which appeared to be economically justifiable for use in mass production.