Graphene family nanomaterials (GFNs) are well-known carbonaceous materials, which find application in several fields like optoelectronics, photocatalysis, nanomedicine, and tissue regeneration. Despite possessing many advantages in biomedical applications, GFNs exhibited toxicity depending on various parameters including dosage, size, exposure time, and kinds of administration. GFNS are majorly classified into nanosheets, quantum dots, nanoplatelets, and nanoribbons based on morphology. Understanding the toxic effects of GFNs would provide new suggestions as to how the materials can be utilized effectively. Hence, we are summarizing here some of the recent findings in cellular and animal level toxicity studies of GFNs on the perspective of their different morphologies. Notwithstanding, we highlight progress, challenges, and new toxicological approaches to ensure biosafety of GFNs for future directions.