Graphene, a one-atom thick, two-dimensional sheets of sp2hybridized carbon atoms packed in a hexagonal lattice with a Caron-Carbon distance of about 0.142 nm. Its extended honeycomb network forms the basic building block of other important allotropes; it can be stacked to form 3-Dgraphite, rolled to form 1-D-nanotubes and wrapped to form 0-D-fullerenes. Long-range π conjugation in graphene results in its extraordinary thermal, mechanical and electrical properties, which have been the interest of many theoretical studies and recently became an exciting area for scientists. Graphene is impermeable to gas and liquids, has excellent thermal conductivity and higher current density in comparison to other most effective materials. All of its exceptional properties have opened up new avenues for the use of graphene in nano-devices and nano-systems, which initiated its prominent use as a material for drug targeting. In addition, several fabrication techniques are outlined, starting from the mechanical exfoliation of high-quality graphene to the direct growth on silicon carbide or metal substrates and from the chemical routes utilizing graphene oxide to the newly developed approach at the molecular level. By this article reviewers intend to emphasize on unique properties, fabrication techniques and updated applications of graphene. In addition, we discuss about the potential of graphene in drug targeting in fields of nanotechnology, biomedical engineering and technology and its use for innovations in various fields such as electronics and photonics.