Photovoltaic technology is the most sustainable source of renewable energy because sunlight radiation is free and readily available. Therefore, the materials required accessing this energy source, cost and the efficiency of conversion from solar to electricity is the topic of interest in continued research. Graphene as a sp2-hybridized 2-dimensional carbon with unique crystal and electronic properties comprising high charge carrier mobility, optical transparency, inexpensive, excellent mechanical strength and flexibility with chemical stability and inertness among others is a suitable material for application in various units of the different architectures in third generation solar cells. It can be applied as a semiconductor layer, electrolyte and counter-electrode in dye-sensitized solar cells; electrode, perovskite, electron and hole transporting layers in perovskite solar cells; and electrode, hole transporting layer and electron acceptor and donor in organic solar cells; in addition to graphene/silicon Schottky junction. Following the application of graphene in various units of the third generation architecture, the power conversion efficiency has increased from 1.9% to over 22%, with ongoing research expected to develop a more stable design with longevity comparable to commercially available silicon-based p-n junction.