Two-dimensional graphene plateletes with unique mechanical, electrical and thermo-physical properties could attract more attention for their employed as reinforcements in the production of new metal matrix nanocomposites (MMNCs), due to superior characteristics, such as being lightweight, high strength and high performance. Over the last years, due to the rapid advances of nanotechnology, increasing demand for the development of advanced MMNCs for various applications, such as structural engineering and functional device applications, has been generated. The purpose of this work is to review recent research into the development in the powder-based production, property characterization and application of magnesium, aluminum, copper, nickel, titanium and iron matrix nanocomposites reinforced with graphene. These include a comparison between the properties of graphene and another well-known carbonaceous reinforcement (carbon nanotube), following by powder-based processing strategies of MMNCs above, their mechanical and tribological properties and their electrical and thermal conductivities. The effects of graphene distribution in the metal matrices and the types of interfacial bonding are also discussed. Fundamentals and the structure-property relationship of such novel nanocomposites have also been discussed and reported.