In order to solve the problem of bone regeneration, the design of suitable implant materials and control of its physical and chemical properties, have become particularly important. Graphene with excellent biocompatibility, high electrical conductivity, thermal conductivity, become one of the most exciting application platforms for in bone regeneration. Nevertheless, how Graphene and the immune microenvironment, regulating bone regeneration, especially, its mechanisms remains controversial. Above all, the role of angiogenesis and antimicrobial activity in bone regeneration cannot be ignored. Therefore, this article summarizes the relationship between graphene-based biomaterials and bone regeneration, explores their mechanisms or signaling pathways in osteogenesis and osteoinductivity, immunomodulation, angiogenesis and antibacterial properties, and also discusses the challenges and opportunities of graphene-based biomaterials with bone regeneration. This summary expects to be a powerful help in the development of new graphene-based bone biomaterials.