Graphene, an atomic-scale honeycomb crystal lattice, is increasingly becoming popular because of its excellent mechanical, electrical, chemical, and physical properties. However, its zero bandgap places restrictions on its applications in field-effect transistors (FETs). Graphene nanomesh (GNM), a new graphene nanostructure with a tunable bandgap, shows more excellent performance. It can be widely applied in electronic or photonic devices such as highly sensitive biosensors, new generation of spintronics and energy materials. These illustrate significant opportunities for the industrial use of GNM, and hence they push nanoscience and nanotechnology one step toward practical applications. This review briefly describes the current status of the design, synthesis, and potential applications of GNM. Finally, the perspectives and challenges of GNM development are presented and some suggestions are made for its further development and exploration.