A wide range of heat transfer systems require efficient heat transfer management from source to sink and vice versa. Over the last decade, graphene nanoparticles, matrix nanofluids have been one of the most investigated nanoparticles for a wide range of engineering applications. Graphene–based nanoparticles have several advantages over other nanoparticles: high stability, high thermal conductivity, low erosion and corrosion, and higher carrier mobility. Graphene–based nanofluids have found applications such as heat transfer, defect sensor, anti–infection therapy, energy harvesting systems, biomedical and cosmetics. With advancement of technology, more compact and efficient cooling media are needed to ensure efficiency and reliability of engineering systems and devices. This research study reports an overview of experimental and numerical investigations of graphene nanometer–sized particles with different base host fluids for major engineering applications of energy transfer systems and further thermophysical properties of graphene nanofluids.