Since the breakthrough work by Geim and Novosolov in 2004, the investigation on graphene has grown as a result of graphene's unique electronic, mechanical, and chemical properties. To characterize single‐layer graphene, interfacial diffraction‐induced color difference was the first milestone in the graphene adventure, and then Raman spectroscopy, scanning probe microscopy, and transmission electron microscopy were used to identify the graphene layers. Apart from the Scotch tap legend, the massive production of graphene is important for graphene research and applications. The current preparation methods can be classified into top‐down (eg, chemical intercalation and liquid exfoliation) and bottom‐up (eg, chemical vapor deposition and, chemical total synthesis) strategies. The massive production of graphene has enabled researchers to explore graphene in a variety of applications, for instance, energy conversion and storage, sensor, reinforcement, catalysis, separation, and so on. Meanwhile, inspired by the legend of graphene, other layered materials are being investigated. Challenges and future perspectives in the studies of graphene and other quasi‐two‐dimensional nanomaterials are discussed.