Today, self-healing graphene- and MXene-based composites have attracted researchers due to the increase in durability as well as the cost reduction in long-time applications. Different studies have focused on designing novel self-healing graphene- and MXene-based composites with enhanced sensitivity, stretchability, and flexibility as well as improved electrical conductivity, healing efficacy, mechanical properties, and energy conversion efficacy. These composites with self-healing properties can be employed in the field of wearable sensors, supercapacitors, anticorrosive coatings, electromagnetic interference shielding, electronic-skin, soft robotics, etc. However, it appears that more explorations are still needed to achieve composites with excellent arbitrary shape adaptability, suitable adhesiveness, ideal durability, high stretchability, immediate self-healing responsibility, and outstanding electromagnetic features. Besides, optimizing reaction/synthesis conditions and finding suitable strategies for functionalization/modification are crucial aspects that should be comprehensively investigated. MXenes and graphene exhibited superior electrochemical properties with abundant surface terminations and great surface area, which are important to evolve biomedical and sensing applications. However, flexibility and stretchability are important criteria that need to be improved for their future applications. Herein, the most recent advancements pertaining to the applications and properties of self-healing graphene- and MXene-based composites are deliberated, focusing on crucial challenges and future perspectives.