Graphene has impressive features that make it an exceptional material for sophisticated applications in next generation electronics and opto-electronics devices. This peremptory material has attracted researchers’ attention in various fields of recent advancement since its discovery in 2004. Its applied fields are increasing day by day. This two-dimensional material (2D) is using mellifluously for the development in different types of devices in the field of optics, photonics, light emitting diode (LED), medical diagnosis, sensing, and so on. In this review, the relevant optical properties and the applications areas with available results in various fields are discussed. Again, the optical conductivity of strained graphene is reviewed in a wavelength related regime that depends on strain modulus and position with field arrangements. Graphene shows a saturation and reverse saturation process due to the increase of light intensity. In addition, strong absorption is observed from the visible to mid-infrared (MIR) wavelength range. Moreover, the application areas of graphene including optics, photonics, plasmonics, mode-locked laser, optical modulator, etc., and the comparison of various results obtained from different sources are presented.