Graphene-based composite aerogel (GCA) refers to a solid porous substance formed by graphene or its derivatives, graphene oxide (GO) and reduced graphene oxide (rGO), with inorganic materials and polymers. Because GCA has super-high adsorption, separation, electrical properties, and sensitivity, it has great potential for application in super-strong adsorption and separation materials, long-life fast-charging batteries, and flexible sensing materials. GCA has become a research hotspot, and many research papers and achievements have emerged in recent years. Therefore, the fabrication, structure, performance, and application prospects of GCA are summarized and discussed in this review. Meanwhile, the existing problems and development trends of GCA are also introduced so that more will know about it and be interested in researching it.