The synthesis of nitrogen, boron, and nitrogen–boron-codoped graphenes was attained via mixing solutions of GO with urea, boric acid, and a mixture of both, respectively, followed by drying in vacuum and annealing at 900 °C for 10 h. These materials were thoroughly characterized employing XRD, TEM, FTIR, Raman, UV–vis, XPS, IPCE%, and electrical conductivity measurements. The nitrogen-doped graphene (NG) showed an excellent supercapacitor performance with a higher specific capacitance (388 F·g–1 at 1 A·g–1), superior stability, and a higher power density of 0.260 kW kg–1. This was mainly due to the designated N types of doping and most importantly N–O bonds and to lowering charge transfer and equivalent series resistances. The NG also indicated the highest photocatalytic performance for methylene blue (MB 20 ppm, power = 160 W, λ > 420 nm) and phenol (5 ppm) degradation under visible light illumination with rate constants equal 0.013 min–1 and 0.04 min–1, respectively. The photodegradation mechanism was proposed via determining the energy band potentials using the Mott–Schottky measurements. This determined that photoactivity enhancement of the NG is accounted for by acquisition of nitrogen-oxy-carbide phases that shared in inducing a higher IPCE% (60%) and a lower band gap value (1.68 eV) compared to boron and nitrogen–boron-codoped graphenes. The achieved photodegradation mechanism relied on scavengers performance suggesting that •OH and electrons were the main reactive species responsible for the MB photodegradation.