The development of novel graphene/nanoparticle hybrid materials is currently the subject of tremendous research interest. The intrinsic exceptional assets of both graphene (including graphene oxide and reduced graphene oxide) and nanoparticles render their hybrid materials synergic properties that can be useful in various applications. In this feature review, we highlight recent developments in graphene/nanoparticle hybrids and their promising potential in electronic and biological applications. First, the latest advances in synthetic methods for the preparation of the graphene/nanoparticle hybrids are introduced, with the emphasis on approaches to (1) decorate nanoparticles onto two-dimensional graphene and (2) wrap nanoparticles with graphene sheets. The pros and cons of large-scale synthesis are also discussed. Then, the state-of-the-art of graphene/nanoparticle hybrids in electronic and biological applications is reviewed. For electronic applications, we focus on the advantages of using these hybrids in transparent conducting films, as well as energy harvesting and storage. Biological applications, electrochemical biosensing, bioimaging, and drug delivery using the hybrids are showcased. Finally, the future research prospects and challenges in this rapidly developing area are discussed.