In recent years, there has been extensive research on graphene and its derivatives, driven by their remarkable physicochemical and functional properties. Various forms of graphene, such as multi-layer graphene, graphene oxide, and graphene quantum dots, have shown immense potential to revolutionize multiple technologies. This review critically examines the synthesis and applications of graphene and related materials. In the synthesis section, we explore methods ranging from top-down techniques, which involve breaking down larger structures into graphene layers, to bottom-up approaches, where graphene is built up from smaller constituents. In the application segment, we comprehensively discuss the diverse uses of graphene and its derivatives. This includes their roles in electronic applications, energy storage systems, tribological applications, healthcare technologies, water desalination processes, and mechanical applications. By exploring various applications, we aim to highlight the wide-spread applications of graphene-based materials and their composites in shaping the future of multiple technologies.