Protection of metal is primary undertaking for any design engineer and coating formulator. Construction of large scale equipment and structure involves huge investment in terms of money, time, manpower and other resources. In economic aspects, the life of such structure must as long as possible to get the best return on its investment. To improve the life of such huge structures, it is becomes mandatory to protect the metal substrates from corrosion. Application of corrosion resistant coating is one of the most intriguing, robust, practical and efficient techniques to safeguard the metal from corrosion. Graphene is novel material and got prodigious application due to its extraordinary features. Lot of research has been conducted since last decade for modifying the graphene and making the best use to formulate corrosion resistant coating. The use of graphene in the coating creates an obstacle and increases the convoluted path for corrosive medium to reach the metal. As the path to reach to metal is increased, it delays the corrosion medium to reach up to the metal and thus corrosion of metal can be avoided. In this literature review is conducted for various aspects of corrosion, importance of graphene in coating formulation is discussed, which includes chemical modifications of graphene, effect of graphene concentration on corrosion inhibition and contact angle of coating. This review also discussed about the importance of water based corrosion resistant coating to avoid the environmental damages. Keywords: Graphene, Corrosion resistance, contact angle, water base coating, metal protection, corrosive media, corrosion inhibition.