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It is no secret that graphene, a two-dimensional single-layered carbon atom crystal lattice, has drawn tremendous attention due to its distinct electronic, surface, mechanical, and optoelectronic properties. Graphene also has opened up new possibilities for future systems and devices due to its distinct structure and characteristics which has increased its demand in a variety of applications. However, scaling up graphene production is still a difficult, daunting, and challenging task. Although there is a vast body of literature reported on the synthesis of graphene through conventional and eco-friendly methods, viable processes for mass graphene production are still lacking. This review focuses on the variety of unwanted waste materials, such as biowastes, coal, and industrial wastes, for producing graphene and its potential derivatives. Among the synthetic routes, the main emphasis relies on microwave-assisted production of graphene derivatives. In addition, a detailed analysis of the characterization of graphene-based materials is presented. This paper also highlights the current advances and applications through the recycling of waste-derived graphene materials using microwave-assisted technology. In the end, it would alleviate the current challenges and forecast the specific direction of waste-derived graphene future prospects and developments.