Due to their unique physicochemical, optical and electrical properties, 2D semimetallic or semiconducting graphene has been extensively utilized to construct highly efficient heterojunction photocatalysts for driving a variety of redox reactions under proper light irradiation. In this review, we carefully addressed the fundamental mechanism of heterogeneous photocatalysis, fundamental properties and advantages of graphene in photocatalysis, and classification and comparison of graphene-based heterojunction photocatalysts. Subsequently, we thoroughly highlighted and discussed various graphene-based heterojunction photocatalysts, including Schottky junctions, Type-II heterojunctions, Z-scheme heterojunctions, Van der Waals heterostructures, in plane heterojunctions and multicomponent heterojunctions. Several important photocatalytic applications, such as photocatalytic water splitting (H2 evolution and overall water splitting), degradation of pollutants, carbon dioxide reduction and bacteria disinfection, are also summarized. Through reviewing the important advances on this topic, it may inspire some new ideas for exploiting highly effective graphene-based heterojunction photocatalysts for a number of applications in photocatlysis and other fields, such as photovoltaic, (photo)electrocatalysis, lithium battery, fuel cell, supercapacitor and adsorption separation.