• Seven factors should be considered in the study of graphene thermal conductivity. • Significant research gap exists in factors of graphene thermal conductivity. • Positive and negative effects both exist when graphene nanofluids are applied. • Economics and environment must be considered in application of graphene nanofluids. • More thermal studies on the graphene nanofluids are warranted. With the rapid development of industrial technology, more and more high-power-consumption devices are utilized, resulting in significant challenges to the durability, reliability, and efficiency of devices, facilities, and systems. Developing efficient thermal management systems for high power consumption application scenarios has evolved as a prominent research topic. Graphene nanomaterials are suitable candidates for nanofluids because of their excellent physical properties and high thermal conductivity. Although there are many studies on graphene nanofluids, there is no comprehensive review article about the influencing factors of thermal conductivity and the applications of graphene nanofluids, especially in economic and environmental analysis. This paper reviews the influencing factors of the graphene nanofluid thermal conductivity, including temperature, nanoparticle size and shape, base fluid, concentration, pH, surface modification, and ultrasonication. Moreover, the applications of graphene nanofluids in heat pipes, heat exchangers, solar collectors, and pool boiling devices are presented. Their applications are also discussed in terms of economics and the environment. In addition, the findings of thermal research on graphene nanofluids are summarized, and available opportunities and challenges are demonstrated. It is concluded that graphene nanomaterials significantly improve the thermal conductivity of the base fluid by 1.2% to 83.4%. Graphene nanofluids significantly improved the performance of thermal management devices. This comprehensive review is necessary to promote the research and effective application of graphene nanofluids in the context of sustainable development and carbon neutrality.