Nickel oxide (NiO) has emerged as one of the most promising transition-metal oxides (TMOs) for electrochemical capacitors, batteries, catalysis, and electrochromic films, owing to its cost-effectiveness, abundance, and well-defined electrochemical properties. Recent studies have identified that mixing NiO with graphene or graphene derivatives results in novel composites with synergistic effects and superior electrochemical performance. This review summarizes the latest advances in composites of NiO with graphene or graphene derivatives. The synthetic strategies, morphologies, and electrochemical performance of these composites are introduced, as well as their electrochemical applications in supercapacitors, batteries, sensors, catalysis, and so forth. Finally, tentative conclusions and assessments regarding the opportunities and challenges for the future development of these composites and other TMOs/graphene or graphene-derived composites are presented.