Because of their prospective applications and exceptional features, graphene quantum dots (GQDs) have gotten a lot of recognition as a new class of fluorescent carbon materials. One of the carbon family’s newest superstars is the GQD. Due to its exceptional optoelectrical qualities, it has sparked a lot of curiosity since its debut in 2008. Two of the most important traits are a band gap that is not zero, biocompatibility, and highly changeable characteristics. GQDs have several important characteristics. GQDs have shown potential in a variety of fields, for instance, catalysis, sensing, energy devices, drug delivery, bioimaging, photothermal, and photodynamic therapy. Because this area constantly evolves, it is vital to recognize emerging GQD concerns in the current breakthroughs, primarily since some specific uses and developments in the case of GQDs synthesis have not been thoroughly investigated through previous studies. The current results in the properties, synthesis, as well as benefits of GQDs are discussed in this review study. As per the findings of this research, the GQD’s future investigation is boundless, mainly if the approaching investigation focuses on purifying simplicity and environmentally friendly synthesis, as well as boosting photoluminescence quantum output and manufacturing output of GQDs.