The material graphene is always attracting the researchers and scientists' attention by its fascinating properties. Even it has been a decade after its discovery; scientists are still exploring the hidden potentials of this material. Focus on the current research trend in the field of polymer nanocomposites, this review is centered on graphene oxide (GO) and reduced graphene oxide (RGO) based polymer nanocomposites and their potential application opportunities in various emerging areas like carbon dioxide (CO2) capture, water purification, photovoltaic cell, sensor, Li-ion batteries, supercapacitors, protective coating, flame retardance composites, electronic devices, automobile body parts, antibacterial coating, biomedical applications (bone and tissue engineering), flexible packaging etc. The aim is to show the full potential of the wonder materials to uplift the standard of living and to judge whether the materials really have the potential to bring future revolution or not.