Graphene quantum dots (GQDs) are nanometer‐sized fragments of graphene that show unique properties, which makes them interesting candidates for a whole range of new applications. This review article gives an overview of the synthesis, properties and applications of GQDs. Synthesis methods discussed include top‐down and bottom‐up approaches. Properties such as luminescence up‐ and down‐conversion have been used in applications ranging from energy conversion to bio‐analytics. This article provides an overview of the state‐of‐the‐art and highlights promising findings as well as potential future directions of the research field.