With a specific focus on graphene‐ferrite nanocomposites, this comprehensive review provides insight into their nonlinear and optical limiting features. The intriguing combination of graphene electronic structure and the versatility of ferrites results in a diverse range of composites materials with exceptional properties. This unique synergy opens up numerous practical applications across different sectors. The review article, which primarily focuses on recent advances in research, delves into the structural characteristics and attributes of these hybrids, highlighting their behavior in nonlinear refraction, nonlinear absorption, and optical limiting. Further, the explorations of cutting‐edge strategies for the development of wavelength and intensity‐dependent optical limiters are detailed. Additionally, this review emphasizes the challenges that still need to be overcome to fully utilize graphene–ferrite composites in nonlinear optical process and optical limiting.