Nanocomposite materials have distinctive potential for various types of captivating usage in drilling fluids as a well-designed solution for the petroleum industry. Owing to the improvement of drilling fluids, it is of great importance to fabricate unique nanocomposites and advance their functionalities for amplification in base fluids. There is a rising interest in assembling nanocomposites for the progress of rheological and filtration properties. A series of drilling fluid formulations have been reported for graphene-derived nanocomposites as additives. Over the years, the emergence of these graphene-derived nanocomposites has been employed as a paradigm to formulate water-based drilling fluids (WBDF). Herein, we provide an overview of nanocomposites evolution as engineered materials for enhanced rheological attributes in drilling operations. We also demonstrate the state-of-the-art potential graphene-derived nanocomposites for enriched rheology and other significant properties in WBDF. This review could conceivably deliver the inspiration and pathways to produce novel fabrication of nanocomposites and the production of other graphenaceous materials grafted nanocomposites for the variety of drilling fluids.