Perovskite solar cells (PSCs) are one of the most environmentally renewable technologies for next-generation energy-harvesting devices. The motivation for PSCs as next-generation solar cells stems from their simple and easy solution processing capabilities. However, some serious challenges including stability, scalability, and flexibility limit the industrial applications of PSCs. To address these challenges, graphene-based nanomaterials (GBNs) have been incorporated in conductive electrodes, photoactive layer including light harvesting materials, i.e., perovskite layer, carrier transport layer such as electron transport layer and interface, hole transport layer, and interfaces and encapsulation layer of PSCs because of their excellent optical, electronic, photonic, thermal, and mechanical properties. To improve the efficiency, reproducibility, and stability of PSCs in real working conditions, interfacial, defect, and compositional engineering using GBNs were studied. Herein, the latest reports on the use of GBNs in PSCs have been reviewed. Also, the prospects and challenges of graphene-based PSCs are discussed. Some possible strategies to address these challenges have also been suggested.