In the last few decades, in the lubricant industry, the request for new performing additives has been becoming imperative. In this scenario, control at the nanoscale can be the key factor for the improvement of more efficient nanolubricants. Herein, after a discussion about the nanoparticles’ four main lubrication mechanisms, considerable attention is devoted to the usage of reduced graphene oxide/graphene oxide (rGO/GO) nanosheets in tribology. Moreover, graphene surface functionalization is reviewed, also including unexplored results in the field of lubrication. As far as the literature is concerned, it can be postulated that rGO/GO nanosheets can reduce wear and friction. Wear reduction is obtained by deposition and film formation, while friction reduction is related more to the shear and lamination of the sheets on the contacting surfaces. Nevertheless, the two phenomena are interrelated and work in sync. In this context, it is of high importance to form a homogenous suspension for a continuous nanosheet supply after deposition and shearing. The focus of this review was placed on the main issues still to be overcome, e.g., the literature results in rationalization; dispersion stability enhancement; and finding the optimum concentration in the delicate balance of different components. Possible solutions for their efficient overcoming are eventually reported.