Internet of Things (IoT) is a trending technological field that converts any physical object into a communicable smarter one by converging the physical world with the digital world. This innovative technology connects the device to the internet and provides a platform to collect real-time data, cloud storage, and analyze the collected data to trigger smart actions from a remote location via remote notifications etc. Because of its wide-ranging applications, this technology can be integrated into almost all the industries. Another trending field with tremendous opportunities is Nanotechnology, which provides many benefits in several areas of life, and helps to improve many technological and industrial sectors. So, integration of IoT and Nanotechnology can bring about the very important field of Internet of Nanothings (IoNT), which can re-shape the communication industry. For that, data (collected from trillions of nanosensors, connected to billions of devices) would be the ‘ultimate truth’, which could be generated from highly efficient nanosensors, fabricated from various novel nanomaterials, one of which is graphene, the so-called ‘wonder material’ of the 21st century. Therefore, graphene-assisted IoT/IoNT platforms may revolutionize the communication technologies around the globe. In this article, a status review of the smart applications of graphene in the IoT sector is presented. Firstly, various green synthesis of graphene for sustainable development is elucidated, followed by its applications in various nanosensors, detectors, actuators, and memory and nano-communication devices. Also, the future market prospects are discussed to converge various emerging concepts like machine learning, fog/edge computing, artificial intelligence, big data, blockchain, with the graphene-assisted IoT field to bring about the concept of ‘all-round connectivity in every sphere possible.