Graphene quantum dots (GQDs) which are flat zero-dimensional nanomaerials, have attracted increasing interest because of their exceptional chemicophysical properties and novel applications in energy conversion and storage, electro-/photo-/chemical catalysis, flexible devices, sensing, display, imaging, and theranostics. In this article, we summarize the significant advances in the recent years with comparative and balanced discussion. We emphasize the difference between GQDs and other nanomaterials including their nanocarbon cousins, and highlight the unique advantages of GQDs for specific applications. The current challenges and outlook of this growing field are also discussed.