In the decade since the first isolation and identification of graphene, the scientific community is still finding ways to utilize its unique properties. The present review deals with the preparation and physicochemical characterization of graphene-based elastomeric nanocomposites. The processing and characterization of graphene and graphene oxide are described in detail, since the presence of such fillers in an elastomeric matrix affects dramatically the properties of the nanocomposite samples. Several preparation routes for the efficient dispersion of graphene in elastomers are then discussed, while aspects such as the interfacial bonding between the filler and the matrix or interactions between the fillers have been thoroughly analysed. Different types of graphene/elastomer nanocomposites are described in terms of their manufacture and properties and it has been shown that depending on the type of graphene employed and the preparation methods, the mechanical, thermal, electrical and barrier properties of the elastomeric matrix can be enhanced due to the presence of graphene, even at relatively-low filler loadings. In most cases, the formation of a filler network can play a major role in the improvement of the overall performance of the material.