Graphene has attracted much attention from the science world because of its mechanical, thermal, and physical properties. Graphene nanofluid is well known for its easy synthesis, longer suspension stability, higher heat conductivity, lower erosion, corrosion, larger surface area/volume ratio, and lower demand for pumping power. This article is an audit of experimental outcome about the preparation and stability of graphene-based nanofluids. Numerous researches to prepare and stabilize graphene-based nanofluids have been developed, and it is indispensable to create a complete list of the approaches. This research work outlines the advancement on preparation and assessment methods and the techniques to enhance the stability of graphene nanofluids and outlook prospects.