As a typical wide bandgap semiconductor, ZnO has received a great deal of attention from researchers because of its strong physicochemical characteristics. During the past few years, great progress has been made in the optoelectronic applications of ZnO, particularly in the photocatalysis and photodetection fields. To enable further improvements in the material’s optoelectronic performance, construction of a variety of ZnO-based composite structures will be essential. In this paper, we review recent progress in the growth of different ZnO–graphene nanocomposite structures. The related band structures and photocatalysis and photoresponse properties of these nanocomposites are discussed. Additionally, specific examples of the materials are included to provide an insight into the common general physical properties and carrier transport characteristics involved in these unique nanocomposite structures. Finally, further directions for the development of ZnO–graphene nanocomposite materials are forecasted.