Doping of carbon nanotubes (CNTs) effectively provides a route to tune their physicochemical properties towards specific applications. Heteroatoms, such as boron (B) and nitrogen (N) can be used as dopants to tune the properties of CNTs. Till now, B as a dopant is relatively less explored but it has a huge potential for applications in various fields. The objective of this review is to shed light on the effects of B doping on different properties of CNTs, on the potential applications of B doped CNTs (B-CNTs), and to draw the future roadmap for the research on B-CNTs. In this review paper, we have presented the chronological development on B doped CNTs. We have analyzed the published literature on the synthesis of B-CNTs using different techniques with more emphasis on the chemical vapor deposition (CVD) method. A methodology has been proposed to find out the reaction mechanism(s) and rate expression(s) for the CVD-based synthesis. The microscopic and spectroscopic analyses (like transmission electron microscopy, Raman spectroscopy, X-ray photoemission spectroscopy, nitrogen adsorption–desorption analysis) for B-CNTs have been extensively discussed. In addition, we have delineated the application of B-CNTs in the field of hydrogen storage, catalysis, electrocatalysis, and sensors in depth. In conclusion, based on the present knowledge base, we have identified the knowledge gaps, and therefore have made recommendations for future work.