Recently graphene has been drawing tremendous attention mainly due to its potential contributions to applications in biology, information technology and energy. Among these applications graphene-based biosensors have been particularly progressed caused in part by development of diverse derivatives of graphene such as graphene oxides (GOs) and graphene quantum dots (GQDs). In this chapter preparation and functionalization of the graphene and GOQs are described together with their optoelectronic properties. Recent progresses in graphene and GQD-based biosensors are also highlighted with emphasis on immunoassay which utilizes unique interaction between antigen and antibody, and oligonucleotide assay which utilizes hybridization process. Since electrical and optical features are the most prominent characteristics of graphene-based nanomaterials, biosensor systems will be focused on electrochemical and fluorescence-based detection scheme.