Exploration of van der Waals heterostructures in the field of optoelectronics has produced photodetectors with very high bandwidth as well as ultra-high sensitivity. Appropriate engineering of these heterostructures allows us to exploit multiple light-to-electricity conversion mechanisms, ranging from photovoltaic, photoconductive to photogating processes. These mechanisms manifest in different sensitivity and speed of photoresponse. In addition, integrating graphene-based hybrid structures with photonic platforms provides a high gain-bandwidth product, with bandwidths >> 1 GHz. In this review, we discuss the progression in the field of photodetection in 2D hybrids. We emphasize the physical mechanisms at play in diverse architectures and discuss the origin of enhanced photoresponse in hybrids. Recent developments in 2D photodetectors based on room temperature detection, photon-counting ability, integration with Si and other pressing issues, that need to be addressed for these materials to be integrated with industrial standards have been discussed.