This articles reviews till-date available literature on metal matrix composites reinforced with graphene, CNT and other carbonaceous materials. The article has a special focus on the mechanical, tribological and challenges associated with the fabrication of nanocomposites. Simultaneously, it reviews the synthesis, strengthening mechanism and applications of graphene along with research gap associated with graphene metal matrix nanocomposites (GMMNC). Carbonaceous nanofillers, e.g. Graphene, are known to have extraordinary mechanical, thermal and electrical properties along with multifaceted characteristics. These materials have the potential to become an ideal material in numerous application which requires reinforcement. Graphene nanoplatelets (GNP) suffers various challenges starting from its synthesis to the uniform distribution within the matrix material. Our concern is to give details on the challenges associated with graphene and metal matrix composites along with the solution so that new research can be done at its ease. Section 1 of the article gives a detailed analysis of various carbonaceous reinforcement materials. Preparation, processing and dispersion technique for graphene and composite material is given in section 2. Section 3 of the article deals with different matrix material used in MMNC along with the properties and challenges associated with it in tabulated form. Strengthening mechanism used for the enhancement of mechanical properties of composites is described in section 4, whereas, Section 5 deals with the applications and Research gap.