The incessant release of pharmaceuticals into the aquatic environment continues to be a subject of increasing concern. This is because of the growing demand for potable water sources and the potential health hazards which these pollutants pose to aquatic animals and humans. The inability of conventional water treatment systems to remove these compounds creates the need for new treatment systems in order to deal with these class of compounds. This review focuses on advanced oxidation processes that employ graphene-based composites as catalysts for the degradation of pharmaceuticals. These composites have been identified to possess enhanced catalytic activity due to increased surface area and reduced charge carrier recombination. The techniques employed in synthesizing these composites have been explored and five different advanced oxidation processes—direct degradation process, chemical oxidation process, photocatalysis, electrocatalyis processes and sonocatalytic/sono-photocatalytic processes—have been studied in terms of their enhanced catalytic activity. Finally, a comparative analysis of the processes that employ graphene-based composites was done in terms of process efficiency, reaction rate, mineralization efficiency and time required to achieve 90% degradation.