The most intriguing 2D carbon form, graphene, formed in a sheet of tightly spaced carbon atoms, requires additional research in several categories. Ever since its discovery, graphene has gained attention due to its distinct electrical and thermal behaviour, mechanical and chemical capabilities together with its huge surface area. Owing to its unique qualities, graphene is the most promising conductive material to use as an electrode in supercapacitors. Supercapacitor performance is severely hindered by the constant restacking of the interlayers within the graphene, which is brought on by strong interlayer van der Waals attractions. Consequently, innumerable strategies and techniques have been employed to address these unbalancing issues. Supercapacitors’ performance has been significantly improved by overcoming the limitations of the application of graphene-based nanomaterials. This study focuses on the role of functionalised graphene in enhancing the electrochemical energy storage measures of EDLC, pseudocapacitors, and hybrid supercapacitors. Besides, the effect of configurations and electrochemical characteristics of nanocomposites based on graphene combined with the oxides of metal, sulphides, carbides, and highly conductive polymers for supercapacitors is comprehensively discussed to provide insights into the current advancements in this field.