Graphene is suitable for aerospace and space engineering because its single carbon layer exhibits excellent mechanical, electrical and thermal characteristics. Its tensile strength, which exceeds that of steel by 100 times, together with its high conductivity and thermal stability position graphene as an effective performance booster for spacecraft systems. Herein, we examine how graphene serves different space-based functions, starting with reinforcement supports and moving to thermal applications and radiative safety, before investigating energy storage methods. Since graphene has a very low weight, it serves as an excellent material to lower spacecraft weight, which consequently enhances fuel consumption and payload transportation. Graphene shows unique advantages by supporting composite structures and controlling heat in critical systems to adapt to the complex operating conditions in space. Graphene-based power systems, ranging from supercapacitors to batteries, provide high stored energy and long battery life for long space missions. However, many barriers slow the progress of graphene, including the production of large amounts at low cost with stability under harsh space conditions. Scientists are exploring ways to tackle the challenges associated with graphene while incorporating composite materials to design better spacecraft. Space exploration will progress further because improvements in graphene technology have created better spacecraft materials that resist damage.