Graphene has received significant attention due to its combination of remarkable mechanical, thermal, chemical and electrical properties. Furthermore, due to its superior strength, graphene has great potential for use as an ultra-thin protective coating for various precision components. In this paper, the latest developments in tribological applications of graphene, theoretical simulations of graphene friction and preparation methods are reviewed. It is shown that various graphene coatings can be successfully used to decrease friction and wear in nano-, micro- and macro-mechanical applications. However, the conditions under which graphene serves as an effective protective coating depends on the operating parameters. A comprehensive review is provided with the aim to assess such characteristics of graphene.