Nanostructured materials are fascinating since they are promising for intensely enhancing materials' performance, and they can offer multifunctional features. Creating such high-performance nanocomposites via effective and mild approaches is an inevitable requirement for sustainable materials engineering. Nanocomposites, which combine two-star nanomaterials, namely, cellulose nanofibrils (CNFs) and graphene derivatives (GNMs), have recently revealed interesting physicochemical properties and excellent performance. Despite numerous studies on the production and application of such systems, there is still a lack of concise information on their practical uses. In this review, recent progress in the production, modification, properties, and emerging uses of CNFs/GNMs hybrid-based nanocomposites in various fields such as flexible energy harvesting and storage, sensors, adsorbents, packaging, and thermal management, among others, are comprehensively examined and described based on recent investigations. Nevertheless, numerous challenges and gaps need to be addressed to successfully introduce such nanomaterials in large-scale industrial applications. This review will certainly help readers understand the design approaches and potential applications of CNFs/GNMs hybrid-based nanocomposites for which new research directions in this emerging topic are discussed.