Ever since the discovery of graphene, its potential has been predicted for a number of applications in various fields such as electronics, sensors, environmental decontamination techniques, separations and biomedicine to name a few. Among various such fields, the research in graphene-based nanocomposites membranes is still in its infancy as there is not a significant research published in this field so far. However, interestingly this field is registering an exponentially upward trend recently. This review article provides a brief description of polymer nanocomposite membranes with graphene as one of the most indispensable components in the membranes. In this article, we describe in a systematic and comprehensive manner the most recent research published so far in the nanocomposite membranes with graphene and the most commonly used polymers namely the polysulfone and the cellulose derivatives. This article also describes the main applications of these polymeric membranes in the fuel cells and in water purification processes containing the current literature data as well as the authors' own research.