Graphene has shown the world its fascinating properties, including high specific surface area, high conductivity, and extraordinary mechanical properties, which enable graphene to be a competent candidate for electrode materials. However, some challenges remain in the real applications of graphene-based electrodes, such as continuous preparation of graphene fibers with highly ordered graphene sheets as well as strong interlayer interactions. The combination of graphene with other materials or functional guests hence appears as a more promising pathway via post-treatment and in situ hybridism to produce composite fibers. This article firstly provides a full account of the classification of graphene-based composite fiber electrodes, including carbon allotropy, conductive polymer, metal oxide and other two-dimensional (2D) materials. The preparation methods of graphene-based composite fibers are then discussed in detail. The context further demonstrates the performance optimization of graphene-based composite fiber electrodes, involving microstructure design and surface modification, followed by the elaboration of the application of graphene-based composite fiber electrodes in supercapacitors. Finally, we present the remaining challenges that exist to date in order to provide meaningful guidelines in the development process and prospects of graphene-based composite fiber electrodes.