Graphene is a thin layer carbon material that has become a hot topic of research during this decade due to its excellent thermal conductivity, mechanical strength, current density, electron mobility and surface area. These extraordinary properties make graphene to be developed and applied in various fields. On this basis, researchers are interested to find out the methods to produce high quality graphene for industrial use. Various methods have been developed and reported to produce graphene. This paper was designed to summarize the development of graphene synthesis methods and the properties of graphene products that were obtained. The application of graphene in the various fields of environment, energy, biomedical, sensors, bio-sensors, and heat-sink was also summarized in this paper. In addition, the history, challenges, and prospects of graphene production for research and industrial purposes were also discussed.