Graphene nanoplatelets (GNPs) have received immense attention from the global scientific research community in the 21st century due to their two-dimensional planar structure, high surface area, functionalization abilities, and notable thermal-mechanical-electrical properties. When appropriately integrated into polymer matrices, graphene nanosheets improve the mechanical performance of polymer under static and high-strain rate loading. On the other hand, surface modification of GNPs through functionalization enhances dispersibility and interfacial strength of GNPs/polymer composites. Computational methods for GNPs-based nanocomposites considering micromechanical and multiscale modeling were also developed to predict their thermo-mechanical and electrical properties. These nanocomposite materials have been identified as having a wide range of applications in aerospace, automotive, construction, biomedical, energy storage, sensor, and textiles. In this review paper, recent advances of GNPs/epoxy nanocomposites, including their functionalization processes, characterization techniques, production methods, properties, and potential applications, have been comprehensively explained. Furthermore, it attempts to provide a complete framework for researchers by summarizing and evaluating the extensive literature on these nanocomposite materials.