This article fundamentally reviews progress in the design and manufacturing of three-dimensional (3D) graphene-based nanocomposites for technical applications. The 3D graphene nanostructures have been manufactured using techniques like the template method, chemical vapor deposition, sol-gel, freeze-drying, hydrothermal technique, and other approaches. The nanofoam has been reinforced in polymers to achieve superior structural, morphological, and physical characteristics of the ensuing polymer/graphene nanofoam nanocomposites. The polymer/graphene nanofoam nanocomposites have been manufactured using the approaches like direct template method, in situ technique, infiltration process, and other methods. The 3D nanofoam- and polymer-based nanostructures have shown high specific surface area, suppleness, electron transport, thermal conduction, mechanical resilience, and other physical properties. The technical applications of hierarchical graphene nanofoams have been observed in the fields of radiation shielding, solar cells, supercapacitors, fuel cells, and other applications.