Recent progress on graphene/metal oxide composites as advanced electrode materials in lithium ion batteries (LIBs) and electrochemical capacitors (ECs) is described, highlighting the importance of synergistic effects between graphene and metal oxides and the beneficial role of graphene in composites for LIBs and ECs. It is demonstrated that, when the composites are used as electrode materials for LIBs and ECs, compared to their individual constituents, graphene/metal oxide composites with unique structural variables such as anchored, wrapped, encapsulated, sandwich, layered and mixed models have a significant improvement in their electrochemical properties such as high capacity, high rate capability and excellent cycling stability. First, an introduction on the properties, synthesis strategies and use of graphene is briefly given, followed by a state-of-the-art review on the preparation of graphene/metal oxide composites and their electrochemical properties in LIBs and ECs. Finally, the prospects and future challenges of graphene/metal oxide composites for energy storage are discussed.