Semimetal-to-semiconductor transition in graphene can bestow graphene with numerous novel and enhanced structural, electrical, optical, and physicochemical characteristics. The scope of graphene and its prospective for an array of implications could be significantly outspread by this transition. In consideration of the recent advancements of semiconducting graphene, this article widely reviews the properties, production, and developing operations of this emergent material. The comparisons among the benefits and difficulties of current methods are made, intending to offer evidences to develop novel and scalable synthesis approaches. The emphasis is on the properties and applications resulting from various conversion methods (doping, controlled reduction, and functionalization), expecting to get improved knowledge on semiconducting graphene materials. Intending to motivate further efficient implications, the mechanisms leading to their beneficial usages for energy conversion and storage are also emphasized.