Bottom‐up synthesized graphene nanostructures, including 0D graphene quantum dots and 1D graphene nanoribbons, have recently emerged as promising candidates for efficient, green optoelectronic, and energy storage applications. The versatility in their molecular structures offers a large and novel library of nanographenes with excellent and adjustable optical, electronic, and catalytic properties. In this minireview, recent progress on the fundamental understanding of the properties of different graphene nanostructures, and their state‐of‐the‐art applications in optoelectronics and energy storage are summarized. The properties of pristine nanographenes, including high emissivity and intriguing blinking effect in graphene quantum dots, superior charge transport properties in graphene nanoribbons, and edge‐specific electrochemistry in various graphene nanostructures, are highlighted. Furthermore, it is shown that emerging nanographene‐2D material‐based van der Waals heterostructures provide an exciting opportunity for efficient green optoelectronics with tunable characteristics. Finally, challenges and opportunities of the field are highlighted by offering guidelines for future combined efforts in the synthesis, assembly, spectroscopic, and electrical studies as well as (nano)fabrication to boost the progress toward advanced device applications. The recent progress on the fundamental properties of different bottom‐up synthesized nanographenes, and the collective properties upon forming nanographene‐2D material‐based van der Waals heterostructures, toward their state‐of‐the‐art applications in optoelectronics and energy storage is summarized. Forthcoming challenges and opportunities of this emerging field are highlighted, and perspectives in boosting the progress toward advanced device applications are offered.