The even growing production of both well-known and new derivatives with pharmaceutical action involves the need for developing facile and reliable methods for the analysis of these compounds. Among the widely used instrumental techniques, the electrochemical ones are probably the simplest and the most rapid, also having good performance characteristics. However, the key tool in electroanalysis is the working electrode. Due to the inherent electrochemical and economic advantages of the pencil graphite electrode (PGE), the interest in its applicability in the analysis of different analytes has continuously increased in recent years. Thus, this paper aims to review the scientific reports published in the last 10 years on the use of the disposable eco- and user-friendly PGEs in the electroanalysis of compounds of pharmaceutical importance in different matrices. The PGE characteristics and designs (bare or modified with various types of materials), along with their applications and performance parameters (e.g., linear range, limit of detection, and reproducibility), will be discussed, and their advantages and limitations will be critically emphasized.