Graphene, whose discovery won the 2010 Nobel Prize in physics, has been a shining star in the material science in the past few years. Owing to its interesting electrical, optical, mechanical and chemical properties, graphene has found potential applications in a wide range of areas, including biomedicine. In this article, we will summarize the latest progress of using graphene for various biomedical applications, including drug delivery, cancer therapies and biosensing, and discuss the opportunities and challenges in this emerging field.