In recent years, graphene‐based nanomaterials have attracted extensive attention because of their excellent physical and chemical properties, such as high strength, high conductivity, high thermal conductivity and excellent lubrication performance. Here, the latest research progresses of graphene‐based nanomaterials are reviewed in this paper, and its synthesis method, unique structure, dispersion improvement strategy and wide application in tribology are emphatically discussed. Graphene‐based materials are synthesized by typical chemical vapor deposition and reduced graphene oxide, showing nanoporous structure characteristics and excellent layered structure. Furthermore, through adjusting the chemical structure for the material, the graphene‐based materials with specific lubricating properties can be designed to meet the use requirements under different working conditions. In view of the easy agglomeration of graphene, physical and chemical dispersion methods, such as in‐situ polymerization and functionalization treatment, were introduced, which significantly improved its dispersibility in the matrix. In tribology, graphene‐based nanocomposites present the excellent anti‐friction and anti‐wear properties, which effectively reduce the coefficient of friction and prolong the service life of materials with forming the stable lubricating films. The summary for graphene‐based materials provides theoretical basis and technical support for applications in high‐end manufacturing, energy storage, and protective coatings.