Graphene is an excellent 2D material that has extraordinary properties such as high surface area, electron mobility, conductivity, and high light transmission. Polymer composites are used in many applications in place of polymers. In recent years, the development of stable graphene dispersions with high graphene concentrations has attracted great attention due to their applications in energy, bio-fields, and so forth. Thus, this review essentially discusses the preparation of stable graphene–polymer composites/dispersions. Discussion on existing methods of preparing graphene is included with their merits and demerits. Among existing methods, mechanical exfoliation is widely used for the preparation of stable graphene dispersion, the theoretical background of this method is discussed briefly. Solvents, surfactants, and polymers that are used for dispersing graphene and the factors to be considered while preparing stable graphene dispersions are discussed in detail. Further, the direct applications of stable graphene dispersions are discussed briefly. Finally, a summary and prospects for the development of stable graphene dispersions are proposed.