At present, the main raw material for producing graphene is graphite ore. However, researchers actively seek alternative resources due to their high cost and environmental problems. Biomass waste has attracted much attention due to its carbon-rich structure and renewability, emerging as a potential raw material for graphene production to be used in sports equipment. However, further progress is required on the quality of graphene produced from waste biomass. This paper, therefore, summarizes the properties, structures, and production processes of graphene and its derivatives, as well as the inherent advantages of biomass waste-derived graphene. Finally, this paper reviews graphene's importance and application prospects in sports since this wonder material has made sports equipment available with high-strength and lightweight quality. Moreover, its outstanding thermal and electrical conductivity is exploited to prepare wearable sensors to collect more accurate sports data, thus helping to improve athletes' training levels and competitive performance. Although the large-scale production of biomass waste-derived graphene has yet to be realized, it is expected that its application will expand to various other fields due to the associated low cost and environmental friendliness of the preparation technique.