Graphene quantum dots (GQDs), a new type of 0D nanomaterial, are composed of a graphene lattice with sp2 bonding carbon core and characterized by their abundant edges and wide surface area. This unique structure imparts excellent electrical properties and exceptional physicochemical adsorption capabilities to GQDs. Additionally, the reduction in dimensionality of graphene leads to an open band gap in GQDs, resulting in their unique optical properties. The functional groups and dopants in GQDs are key factors that allow the modulation of these characteristics. So, controlling the functionalization level of GQDs is crucial for understanding their characteristics and further application. This review provides an overview of the properties and structure of GQDs and summarizes recent developments in research that focus on their controllable synthesis, involving functional groups and doping. Additionally, we provide a comprehensive and focused explanation of how GQDs have been advantageously applied in recent years, particularly in the fields of energy storage devices and displays.