The unique chemical and physical properties of graphene and its derivatives (graphene oxide, heteroatom‐doped graphene, and functionalized graphene) have stimulated tremendous efforts and made significant progress in fuel cell applications. This review focuses on the latest advances in the use of graphene‐based materials in electrodes, electrolytes, and bipolar plates for fuel cells. The understanding of structure‐activity relationships of metal‐free heteroatom‐doped graphene and graphene‐supported catalysts was highlighted. The performances and advantages of graphene‐based materials in membranes and bipolar plates were summarized. We also outlined the challenges and perspectives in using graphene‐based materials for fuel cell applications.