The ineptitude of conventional water management systems to eradicate noxious compounds leads to the development of advanced treatment systems. The disclosure of graphene-based photocatalytic degradation for the eradication of phenolic compounds has become the "apple of the eye" for many researchers. This review article describes the advanced research progress during the period of 2008-2021 in graphene-based nanocomposites and discusses their different synthesis methods. We will also talk about the applications of nanocomposite in water splitting, dye degradation, solar fuel generations, and organic transformations. Multicomponent heterojunction structure, co-catalyst cohering, and noble metal coupling have been inspected to enhance the photocatalytic performance of graphene-based composite by increasing charge separation and stability. The photocatalytic system's remarkable stability has been described in terms of facile recyclability. The adsorption ability of phenolic compounds has been addressed in the form of Langmuir and Freundlich adsorption isotherm with various factors (pH, concentration, the intensity of light, the effect of catalyst, the effect of time, etc.). The purpose of this review is to survey mechanisms and processes that enlist graphene-based composite in terms of efficacy and dose of catalyst required to attain 99% degradation. Nanoparticles may cause toxicity and a pretext for their toxicity has been mentioned. Finally, it is anticipated that this article could allocate consequential knowledge to fabricating graphene-based composites that are in crucial demand of being discussed in future research.