Graphene is the thinnest two-dimensional (2D) carbon material and has many advantages including high carrier mobilities and conductivity, high optical transparency, excellent mechanical flexibility and chemical stability, which make graphene an ideal material for various optoelectronic devices. The major applications of graphene in photovoltaic devices are for transparent electrodes and charge transport layers. Several other 2D materials have also shown advantages in charge transport and light absorption over traditional semiconductor materials used in photovoltaic devices. Great achievements in the applications of 2D materials in photovoltaic devices have been reported, yet numerous challenges still remain. For practical applications, the device performance should be further improved by optimizing the 2D material synthesis, film transfer, surface functionalization and chemical/physical doping processes. In this review, we will focus on the recent advances in the applications of graphene and other 2D materials in various photovoltaic devices, including organic solar cells, Schottky junction solar cells, dye-sensitized solar cells, quantum dot-sensitized solar cells, other inorganic solar cells, and perovskite solar cells, in terms of the functionalization techniques of the materials, the device design and the device performance. Finally, conclusions and an outlook for the future development of this field will be addressed.