Advancement in the field of nanotechnology has increased the synthesis and exploitation of graphene-like nanomaterials. Graphene is a two-dimensional planar and hexagonal array of carbon atoms. Due to its flexible nature graphene and its derivatives have several significant prospects extending from electronics to life sciences and drug delivery systems. In this review, we enlist some of the toxic effects of graphene family nanomaterials (GFNs) in various aspects of biosystems viz., in vitro, in vivo, microbial, molecular and environmental. We also appreciate their extensive and promising applications though with some underlying challenges. This review also draws attention toward current and future prospect of global graphene market for wide-range commercialization. © 2020 Taylor & Francis Group, LLC.