Graphene has attracted many research and application areas of interest due to its excellent properties in recent years. Graphene-based nanocomposites exhibiting excellent electrical conductivity, mechanical properties, thermal conductivity, thermal stability, gas barrier properties, etc., could be synthesized by using graphene-based derivatives through their functional groups modification and reacted with various polymers. Due to the possibility for mass production by chemical methods, there are great potentials to prepare graphene-based nanocomposites with a low cost and excellent performance for commercial applications. This paper will give an introduction of graphene-based nanocomposites developed in recent years; include chemical modification of graphene; preparation and properties of graphene-based nanocomposites.