Graphene is the main allotropy of carbon which exhibits properties like super conductivity, high electron transfer, and large surface area. Porous graphene (PG) has unique porous structure and many exposed edges. In 2D graphene pore ranges from several angstroms to nanometers. Similar to 3D graphene, which also has a porous structure, there are four different types: foam, sponge, and graphene hydrogel (GH). Graphene oxide (GO) and reduced graphene oxide (rGO) are used to create PG. This review focuses on various methods of synthesis of PG along with its inherent properties and methods to modify its properties by surface functionalization. Emphasis is also given on the discussion of various techniques that are involved in the PG characterization. This article discusses the formation of hybrids, and composites using PG. Applications and limitations of PG have also been indicated. This review shows an extensive overview of the main principles and the recent synthetic technologies about fabricating various innovative 3D graphene‐based materials. Subsequently, recent progresses in electrochemical energy devices and hydrogen energy generation/storage are explicitly covered. The applications of PG and its composites in the fields such as energy storage, solar units, sensors, supercapacitors, etc. have been discussed The up to date progress for pollutants detection and environmental remediation are also reviewed. Finally, challenges and outlooks in materials development for different applications are suggested.