The proton exchange membrane fuel cell (PEMFC) converts chemical energy into electrical energy via electrochemical reaction between hydrogen and oxygen, with heat and water as byproducts. When a PEMFC is engineered with polymer electrolyte membrane, e.g., Nafion and polybenzimidazole (PBI), it helps to enhance the performance of the fuel cell under monitored environmental conditions, i.e., high proton conductivity, improved electrode kinetics, and tailoring of properties, along with low tolerance for carbon monoxide. Recently discovered “graphene” has enticed the scientific community, because of its exceptional properties. As per the literature, PEMFCs engineered with graphene can yield high power density, along with 38% enhanced current density, and 257% improved ionic conductivity. In this context, the present review gives the state-of-the-art and progress on polymer electrolyte membranes engineered using graphene and graphene oxide, as well as their synthesis routes and the influence on the performance of PEMFCs.