Graphene and its derivatives have demonstrated promising alternative nanofillers to improve the mechanical and thermal properties as well as flame retardant (FR) performance of polymeric material matrix. The dispersion of graphene nanosheets and their interfacial compatibility with the polymer matrix are two key factors that would determine the resultant performance of polymeric nanocomposites. Generally, directly introducing graphene nanosheets into a polymer matrix can hardly produce the expected performance for nanocomposites due to the poor dispersion level and undesirable compatibility. Besides, in terms of the FR property of polymers, it is also hard to achieve good flame retardancy for polymers when graphene is used alone. To tackle the above issues, many researchers have made efforts to obtain high-performance polymer/graphene nanocomposites with excellent flame resistance, e.g., surface modification and functionalization of graphene and its derivatives, combination of FR molecules or nanofillers with graphene, etc. In this chapter, we mainly focused on reviewing and summarizing the development of polymer/graphene nanocomposites based on open publications involving the brief introduction of graphene and its derivatives, their surface functionalization, and recent progress in various types of FR polymer/graphene nanocomposite systems. Further, the FR performance of composites and corresponding related mechanisms have also been analyzed and discussed. Finally, some key challenges and further perspectives associated with polymer/graphene nanocomposites are proposed.