The global energy situation requires the efficient use of resources and the development of new materials and processes for meeting current energy demand. Traditional materials have been explored to large extent for use in energy saving and storage devices. Graphene, being a path-breaking discovery of the present era, has become one of the most-researched materials due to its fascinating properties, such as high tensile strength, half-integer quantum Hall effect and excellent electrical/thermal conductivity. This paper presents an in-depth review on the exploration of deploying diverse derivatives and morphologies of graphene in various energy-saving and environmentally friendly applications. Use of graphene in lubricants has resulted in improvements to anti-wear characteristics and reduced frictional losses. This comprehensive survey facilitates the researchers in selecting the appropriate graphene derivative(s) and their compatibility with various materials to fabricate high-performance composites for usage in solar cells, fuel cells, supercapacitor applications, rechargeable batteries and automotive sectors.