Owing to the outstanding conductivity and biocompatibility as well as numerous other fascinating properties of graphene, graphene-based nanohybrids have shown unparalleled superiorities in the field of electrochemical biosensors. We provide a general overview of recent advances and state-of-the-art works related to all types of nanomaterial, including noble metals, transition metals, organic and inorganic dyes, polymers, biomolecules, ionic liquids (ILs), and boronic acid derivatives, applied to functionalize graphene to construct electrochemical biosensors. We are highlighting here types of functionalization, assembly procedures, roles of nanomaterial, and assay strategies. Finally, some future perspectives and possible research directions are also discussed.