Carbon based 2D materials, specifically those of the graphene family, recently gained considerable interest in the study of sensors. It is emerging as a novel and potent material with tunable physicochemical properties such as ballistic conduction, high mechanical strength, a broad spectrum of chemical stability, high surface-area-to-volume ratio, ease of surface functionalization, and the possibility of mass production. This review provides insights into recent advances in graphene-based materials for field-effect transistor-based sensors, electrochemical sensors, and Raman spectroscopy-based sensors. Among the sensing methodologies, those utilizing field-effect transistors demonstrate a high degree of specificity and ultralow sensitivity and are relatively easy to manufacture in large batches with a repeatable sensitivity. Over the last decade, multiple types of sensors based on various graphene-family materials have been researched to detect various types of targets, ranging from biomolecules to heavy metals and chemical pollutants. Owing to their ability to integrate into a portable and rapid test platform, both at the laboratory scale and for point-of-care testing, the graphene family of materials (GFM) is a significantly viable base for sensor fabrication. Electrochemical and Raman spectroscopy-based sensors can provide a robust platform for detection at high-stress environments including fluctuating pH, temperature, and other possible disturbing conditions. The strategies used by researchers to detect specific and ultralow concentrations of analytes in a diverse mixture of targets are elaborated in detail. This review chronologically presents details regarding the GFM ranging from their synthesis to specific application possibilities.