Over the past decade, nano‐graphene has emerged as one of the miraculous materials to mankind because of its outstanding electronic, optical, thermal, and mechanical properties. Unique characteristics of nano‐graphene make it more attractive for development of new metal‐free green heterogeneous catalysts especially for advance catalysis like photo catalysts, electrocatalysts, and organocatalysts. This review critically discusses the characterization techniques, catalysis, energy, and environmental applications of nano‐graphene. A systematic design of economic challenges, health and safety concerns, and industrial life cycle assessment (LCA) to realize the commercial scale exploitation of nano‐graphene is also reviewed. At the end, the challenges and opportunities for the future development of nano‐graphene in regards to its sustainability and affordability are described.