Two-dimensional (2D) materials are ultra-thin crystals with layered structures that have a monolayer and multiple layers of atomic thickness. Due to excellent performance, 2D materials represented by graphene have caused great interest from researchers in various fields, such as nano-electronics, sensors, solar cells, composite materials, and so on. In recent years, when graphite was used for liquid phase lubrication, there have been many disadvantages limiting its lubrication properties, such as stable dispersion, fluidity and so on. Therefore, 2D materials have been used as high-performance liquid-phase lubricant additives, which become a perfect entry point for high-performance nano-lubricants and lubrication applications. This review describes the application of 2D materials as additives in the field of liquid-phase lubrication (such as lubricating oil and water lubrication) in terms of experimental content, lubrication performance, and lubrication mechanism. Finally, the challenges and prospects of 2D materials in the lubrication field were also proposed.