Graphene and its associated compounds have been identified as extraordinary structural nano-fillers that can tailor the properties of new polymer-based composites with specific functionalities. Graphene possesses perfect 2D atomic architecture and has a large surface area that enhances the bonding, with tailored functional groups on its surface with polymer chains to form high strength composites. Recently, a lot of research has focused on developing composites with high specific strength, high electrical and thermal conductivities, high impact resistance, excellent energy storage capability and ability to maintain their strength at low-temperature environments by using graphene, graphene oxide (GO), reduced graphene oxide (rGO) or carbon nanotube/graphene. Ultimate goals are to design composites that can meet specific requirements for different engineering applications. In this paper, the discussion on all aspects in relation to the use of graphene and its associated compounds for advanced composites will be given in detail. The potentiality of using these materials for hightech applications will be explored. Up to date, it has been proved that the use of graphene-based nanofillers does improve the mechanical, interfacial bonding, electrical, thermal and electromagnetic interference shield properties of polymer-based materials. Appropriately adding a small amount of these nanofillers do make a big difference to the properties of host materials.