Graphene is a relatively new and promising material, displaying a unique array of physical and chemical properties. Although considered to be especially promising for the use in energy storage applications, graphene has only recently been implemented as an electron conducting additive for lithium ion battery cathode materials. In current studies graphene is found to significantly improve cathode electrochemical performance. As the charge capacity, rate capability and cyclability of lithium ion batteries are still in ever-remaining need of improvement, this article examines the prospects of graphene implementation into lithium ion battery cathodes to meet such demands. The existing literature and recent advances on the topic have been reviewed, covering the preparation of graphene and graphene composite lithium ion battery cathodes, their structure and electrochemical properties along with underlying principles for electrochemical performance enhancement of such materials.