Graphene is a single-atom thick, two-dimensional sheet of carbon that is characterized by exceptional chemical, electrical, material, optical, and physical properties. As a result, graphene and related materials, such as graphene oxide and reduced graphene oxide, have been brought to the forefront in the field of sensing. Recently, a number of reports have demonstrated that graphene-nanoparticle hybrid structures can act synergistically to offer a number of unique physicochemical properties that are desirable and advantageous for sensing applications. These graphene-nanoparticle hybrid structures are particularly interesting because not only do they display the individual properties of the nanoparticles and of graphene, but they can also exhibit additional synergistic properties thereby enhancing the achievable sensitivity and selectivity using a variety of sensing mechanisms. As such, in this perspective, we will discuss the progress that has been made in the development and application of graphene-nanoparticle hybrid sensors and their future prospects. In particular, we will focus on the preparation of graphene-nanoparticle hybrid structures as well as their application in electronic, electrochemical, and optical sensors.