Graphene, renowned for its exceptional physicochemical attributes, has emerged as a favored substrate for integrating a wide array of inorganic and organic materials in scientific endeavors and innovations. Electrochemical graphene-based nanocomposite sensors have been developed by incorporating diverse nanoparticles into graphene, effectively immobilized onto electrodes through various techniques. These graphene-based nanocomposite sensors have effectively detected and quantified various electroactive species in samples. This review delves into using graphene nanocomposites to fabricate electrochemical sensors, leveraging the exceptional electrical, mechanical, and thermal properties inherent to graphene derivatives. These nanocomposites showcase electrocatalytic activity, substantial surface area, superior electrical conductivity, adsorption capabilities, and notable porosity, which are highly advantageous for sensing applications. A myriad of characterization techniques, including Raman spectroscopy, scanning electron microscopy (SEM), transmission electron microscopy (TEM), BET surface area analysis, and X-ray diffraction (XRD), have proven effective in exploring the properties of graphene nanocomposites and validating the adjustable formation of these nanomaterials with graphene. The applicability of these sensors across various matrices, encompassing environmental, food, and biological domains, has been evaluated through electrochemical measurements, such as cyclic voltammetry (CV), electrochemical impedance spectroscopy (EIS), and differential pulse voltammetry (DPV). This review provides a comprehensive overview of synthesis methods, characterization techniques, and sensor applications pertinent to graphene-based nanocomposites. Furthermore, it deliberates on the challenges and future prospects within this burgeoning field.