This state-of-the-art article is designed to cover essential aspects of graphene based nanomaterials for energy storage purposes. Graphene is, a unique nanocarbon, one atom thick nanosheet made up of sp2 hybridized carbon atoms. Graphene has been focused for various technical energy related devices and systems owing to remarkable structure and properties. In energy storage applications, graphene has been applied for varying devices like supercapacitors, fuel cell and batteries. Important utilization of graphene and derived nanocomposites have been observed for lithium (Li) ion batteries. In this context, graphene has been found to offer superior surface area, electron conduction, electrochemical properties, charge or energy density, reversible capacity, rate capacity, cyclic stability, charge-discharge behavior, and other progressive characteristics for effectual energy or charge storage. In addition, graphene derived nanomaterials have been researched for structural, morphological, mechanical, thermal, and other physical characteristics. Hence, graphene and nanocomposites have been reported as efficient Li ion battery electrode or electrolyte material. Future progress on designing new efficient graphene derived nanocomposites and three dimensional graphene based nanomaterials may overcome the challenges towards the formation of high performance battery electrode or electrolyte materials.