Graphene‐containing nanomaterials have emerged as important candidates for electrode materials in lithium‐ion batteries (LIBs) due to their unique physical properties. In this review, a brief introduction to recent developments in graphene‐containing nanocomposite electrodes and their derivatives is provided. Subsequently, synthetic routes to nanoparticle/graphene composites and their electrochemical performance in LIBs are highlighted, and the current state‐of‐the‐art and most recent advances in the area of graphene‐containing nanocomposite electrode materials are summarized. The limitations of graphene‐containing materials for energy storage applications are also discussed, with an emphasis on anode and cathode materials. Potential research directions for the future development of graphene‐containing nanocomposites are also presented, with an emphasis placed on practicality and scale‐up considerations for taking such materials from benchtop curiosities to commercial products.