During the last 20 years, the scientific community has shown growing interest towards carbonaceous nanomaterials due to their appealing mechanical, thermal, and optical features, depending on the specific nanoforms. Among these, graphene quantum dots (GQDs) recently emerged as one of the most promising nanomaterials due to their outstanding electrical properties, chemical stability, and intense and tunable photoluminescence, as it is witnessed by a booming number of reported applications, ranging from the biological field to the photovoltaic market. To date, a plethora of synthetic protocols have been investigated to modulate the portfolio of features that GQDs possess and to facilitate the use of these materials for target applications. Considering the number of publications and the rapid evolution of this flourishing field of research, this review aims at providing a broad overview of the most widely established synthetic protocols and offering a detailed review of some specific applications that are attracting researchers’ interest.