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Graphene, emerging as a true 2‐dimensional material, has received increasing attention due to its unique physicochemical properties (high surface area, excellent conductivity, high mechanical strength, and ease of functionalization and mass production). This article selectively reviews recent advances in graphene‐based electrochemical sensors and biosensors. In particular, graphene for direct electrochemistry of enzyme, its electrocatalytic activity toward small biomolecules (hydrogen peroxide, NADH, dopamine, etc.), and graphene‐based enzyme biosensors have been summarized in more detail; Graphene‐based DNA sensing and environmental analysis have been discussed. Future perspectives in this rapidly developing field are also discussed.