More and more scholars were committed to loading the iron oxide nanoparticles on the graphene. Shown in the studies, there were many nucleation sites on the graphene for the Fe3O4 particles, meanwhile, the distance between the graphene was lengthened due to the magnetic Fe3O4 particles, and the reunion of the graphene could be avoided. The excellent performance of the two materials was combined perfectly in this way. To facilitate the researchers work better in the future, in this paper, the synthesis of Fe3O4/graphene were reviewed from its applications such as waste water treatment, magnetic targeting drugs, biosensor, and the anode materials for lithium-ion battery. Simultaneously, the prospects of the composite material were discussed.