The search for effective energy storage options has escalated due to the rising global energy demands and environmental concerns. Lithium-ion batteries (LIBs) emerge as a key technology. However, the performance of traditional LIBs still needs to be improved. Therefore, choosing new nanomaterials for the modification of LIBs has become an effective solution. Graphene, as a nanomaterial, is an excellent candidate material for modification. This paper delves into the application of graphene in enhancing the performance of LIBs. Graphene, with its superior electrical conductivity and substantial specific surface area, offers the potential to enhance the performance of both anode and cathode materials in LIBs. This can lead to significant improvements in the overall cycle life, energy density, and power density of these batteries. This work emphasizes the application of graphene in cathode and anode materials. In cathode materials, the layered structure of graphene enables lithium-ion with high theoretical capacity. Meanwhile, graphene helps improve the electron and lithium ion mobility of anode materials. Despite the promising developments, challenges such as lithium loading capacity and coulombic efficiency still remain. The continued exploration of graphene applications is expected to drive LIBs to unprecedented performance metrics. This is in line with the global quest for sustainable and efficient energy storage technologies.