Graphene Quantum Dots (GQDs) are carbon-based, nanoscale particles that display remarkable physical and organic properties. They are chemically and physically stable and eco-friendly due to their non-toxic and biologically inert nature. Various bioresources are used to synthesize GQDs to ensure biosafety and cost-effectiveness. In this work, a critical review has been done by focusing on top-down and bottom-up synthesis strategies. GQDs by valorizing various bioresources like bam-boo, neem leaves, mango leaves, paper fibers, rice husk, starch, honey, wood charcoal, coffee grounds, corn powder, and lime oil extract is highlighted in the present review. State-of-the-art and future outlooks on the development and advancement of GQDs applications are also being addressed. Based on the surveyed literature, GQDs provide extensive use in various areas like bioimaging, nanomedicine, photocatalysis, lightemitting diodes, solar cells, and sensors.