Förster resonance energy transfer (FRET)-based fluorescence sensing of various target analytes has been of growing interest in the environmental, bioimaging, and diagnosis fields. Graphene-based zero- (0D) to two-dimensional (2D) nanomaterials, such as graphene quantum dots (GQDs), graphene oxide (GO), reduced graphene oxide (rGO), and graphdiyne (GD), can potentially be employed as donors/acceptors in FRET-based sensing approaches because of their unique electronic and photoluminescent properties. In this review, we discuss the basics of FRET, as well as the role of graphene-based nanomaterials (GQDs, GO, rGO, and GD) for sensing various analytes, including cations, amino acids, explosives, pesticides, biomolecules, bacteria, and viruses. In addition, the graphene-based nanomaterial sensing strategy could be applied in environmental sample analyses, and the reason for the lower detection ranges (micro- to pico-molar concentration) could also be explained in detail. Challenges and future directions for designing nanomaterials with a new sensing approach and better sensing performance will also be highlighted.