Graphene has received tremendous attention among diverse 2D materials because of its remarkable properties. Its emergence over the last two decades gave a new and distinct dynamic to the study of materials, with several research projects focusing on exploiting its intrinsic properties for optoelectronic devices. This review provides a comprehensive overview of several published articles based on density functional theory and recently introduced machine learning approaches applied to study the electronic and optical properties of graphene. A comprehensive catalogue of the bond lengths, band gaps, and formation energies of various doped graphene systems that determine thermodynamic stability was reported in the literature. In these studies, the peculiarity of the obtained results reported is consequent on the nature and type of the dopants, the choice of the XC functionals, the basis set, and the wrong input parameters. The different density functional theory models, as well as the strengths and uncertainties of the ML potentials employed in the machine learning approach to enhance the prediction models for graphene, were elucidated. Lastly, the thermal properties, modelling of graphene heterostructures, the superconducting behaviour of graphene, and optimization of the DFT models are grey areas that future studies should explore in enhancing its unique potential. Therefore, the identified future trends and knowledge gaps have a prospect in both academia and industry to design future and reliable optoelectronic devices.