AbstractGraphene is given high expectation due to their unique properties and advantages and has revolutionized different research fields and leads to enormous applications. However, monolayer graphene shows limited absorption due to the ultrathin thickness, which compromises the optical modulation capability. Therefore, graphene metamaterials consisting of alternatively stacked graphene and dielectric layers or graphene layer combined with conventional metamaterial structures are proposed as artificially structured materials to exploit both graphene's unique material properties and nanostructure capability of metamaterials to achieve strong optical modulations. The recent breakthrough in experimental fabrication of graphene metamaterials, in particular the solution‐based method which allows large‐area fabrication of graphene metamaterials with monolayer‐thickness controllability and nanometer surface roughness, enables extraordinary optical properties and opens various new possibilities both in research and manufacturing. In this comprehensive review, the concept of graphene metamaterials, the unique optical properties, and the enabling fabrication methods are demonstrated. The multifunctionality of graphene metamaterials offer a novel platform for manufacturing innovative optical and photonic devices with the advantages of broad working bandwidth, high efficiency, fast response, tunability, integrability, and low energy consumption. The review provides insights to future innovations for the booming graphene metamaterials and metaphotonic devices in the disciplines of optics, nanophotonics, and optoelectronics.