Lithium-ion batteries (LIBs) are highly promising energy storage devices because they provide high power output and an extended cycling lifespan, resulting in a unified and efficient system. However, current lithium-ion batteries have limitations in providing high energy density due to the slow spread of Li+ ions and the low electrical conductivity of the anode and cathode materials. This trade-off results in a situation where the power is concentrated rather than the energy. Furthermore, the significant disparities in capacity and kinetics between the anode and cathode lead to subpar rate performance and inadequate cycling stability. Hence, the development of anode materials with high power capability and structural stability holds immense importance in the context of practical LIBs. Graphene-based materials have been extensively analyzed as cathode materials in LIBs due to their distinctive structure and exceptional electrochemical characteristics. Noteworthy progress has been achieved in this field. This review summarizes recent advances in graphene-based anodes and cathodes for lithium-ion batteries and concludes by analyzing current obstacles and providing recommendations for future research.