The continuous decrease in the availability of fossil resources, along with an evident energy crisis, and the growing environmental impact due to their use, has pushed scientific research towards the development of innovative strategies and green routes for the use of renewable resources, not only in the field of energy production but also for the production of novel advanced materials and platform molecules for the modern chemical industry. A new class of promising carbon nanomaterials, especially graphene quantum dots (GQDs), due to their exceptional chemical-physical features, have been studied in many applications, such as biosensors, solar cells, electrochemical devices, optical sensors, and rechargeable batteries. Therefore, this review focuses on recent results in GQDs synthesis by green, easy, and low-cost synthetic processes from eco-friendly raw materials and biomass-waste. Significant advances in recent years on promising recent applications in the field of electrochemical sensors, have also been discussed. Finally, challenges and future perspectives with possible research directions in the topic are briefly summarized.