With the fast-developing social economy and the acceleration of industrialization, seeking effective renewable, sustainable, and environmentally friendly resources that show promising properties is an urgent task and a crucial means to achieve sustainable progress in the face of the growing depletion of non-renewable resources and the deterioration of environmental issues. Cellulose nanofibrils (CNFs) are natural polymeric nanomaterials with excellent biocompatibility, biodegradability, good mechanical features, high strength, low density, high specific surface area, and tunable chemistry. Their combination with other nanomaterials, such as graphene derivatives (GNMs), has been demonstrated to be effective since they produce hybrids with outstanding physicochemical properties, tailorable functionality, and high performance. In this review, recent advances in the preparation, modification, and emerging application of CNFs/GNMs hybrids are described and discussed using the latest studies. First, the concise background of nanocellulose and graphene derivatives is provided, followed by the interfacial interactions between CNFs and GNMs. The different hybrids exhibit great promise in separation, adsorption, optics, flexible electronics, energy storage, thermal management, barrier and packaging, and electromagnetic shielding. The main challenges that inhibit the applicability of these hybrids are finally highlighted, and some perspectives for future research directions are provided.