This paper reviews the fabrication and application of graphene-based polymer nanocomposites. Recently, graphene, a monolayer of sp2-hybridized carbon atoms arranged in a two-dimensional lattice with exceptional thermal, mechanical, and electrical properties, has attracted both academic and industrial interest because it can produce dramatic improvements in properties at very low filler content. A variety of routes are used to produce graphene-based polymeric nanocomposites which affect the dispersion state of graphene in the polymer matrices and final properties of these composites. Herein, the structure, preparation and properties of polymer/graphene nanocomposites are discussed in general along with detailed examples drawn from the scientific literature. An overview of the potential applications for these composites such as conductive transparent film in electronic devices, sensor, biosensors, gas filtering membrane, field effect transistor (FET) and current challenges in the field is provided for perspective and to potentially guide future progress on the development of these promising materials