This review mainly addresses applications of polymer/graphene nanocomposites in certain significant energy storage and conversion devices such as supercapacitors, Li-ion batteries, and fuel cells. Graphene has achieved an indispensable position among carbon nanomaterials owing to its inimitable structure and features. Graphene and its nanocomposites have been recognized for providing a high surface area, electron conductivity, capacitance, energy density, charge–discharge, cyclic stability, power conversion efficiency, and other advanced features in efficient energy devices. Furthermore, graphene-containing nanocomposites have superior microstructure, mechanical robustness, and heat constancy characteristics. Thus, this state-of-the-art article offers comprehensive coverage on designing, processing, and applying graphene-based nanoarchitectures in high-performance energy storage and conversion devices. Despite the essential features of graphene-derived nanocomposites, several challenges need to be overcome to attain advanced device performance.