Graph theory is applied in almost all the fields like computer sciences, chemistry, bio sciences, networking, security systems, decision making in power system studies becoming the very essence of all terrains. This paper gives an overview of all its applications in the area of power systems and other background concepts for facilitating further research in this domain. In this paper, a review on the available research papers is made to achieve various goals in a more optimized and lucid manner. © 2015 IEEE.