Among sustainable energy-harvesting systems, thermoelectric technology has attracted considerable attention because of its ability to directly convert heat into electricity and diverse applications. Graphene, with its exceptional electrical conductivity and mechanical properties, is a promising candidate for thermoelectric materials. However, efficient thermoelectric applications require materials with a high Seebeck coefficient and low thermal conductivity-criteria that graphene does not inherently satisfy, owing to its gapless energy band structure and ballistic thermal conduction. This review examines the thermoelectric properties of graphene, optimization strategies, and the potential of graphene hybridization for thermoelectric applications. To overcome the intrinsic limitations of graphene for thermoelectric utilization, nanostructuring strategies based on its synthesis methods are discussed. Furthermore, strategies for graphene hybridization are introduced, with a focus on maximizing thermoelectric efficiency through interactions with nanostructured materials of various dimensions. Finally, the potential of graphene-based thermoelectric materials and future research directions are discussed.