Graphene is a novel, sp2 carbon atoms bonded, two-dimensional nano-material. Due to their favorable electronic, thermal, optical, and mechanical property, graphene and its derivatives, like graphene oxide (GO) and graphene quantum dots (GQDs) are used in widespread applications. The outstanding potentials of these compounds in the field of nanoelectronics, composite materials, sensors, energy technology etc helped in the rapid development in their functionalization, modulatory effects on various systems of our body. GQDs has been suggested as a new nanomaterial with improved biocompatibility, biodegradability, water solubility and considerably low cytotoxic effects in in vivo models, and are applicable for altering immune responses based on quantum confinement and edge effect properties. The review particularly elucidates the mechanistic approach by which graphene and/ or its derivatives and/ or their nano-compound aid in therapeutic management against myriads of immunological perspectives. GQDs have unique physiochemical properties with carbon sheets showcases out-standing biological response against immunological interventions by altering the activities of t-cell lymphocytes. On the contrary GO plays a vital role in eliciting inflammatory signaling factors by controlling proinflammation and an anti-inflammatory response. Therefore, this review shall help the readers to have an overview of the biomedical application of graphene and its derivatives to design target specific drugs to regulate the immune response based prognosis andcure.