Owing to the unique physical and chemical properties of 2D materials and the great success of graphene in various applications, the scientific community has been influenced to explore a new class of graphene-like 2D materials for next-generation technological applications. Consequently, many alternative layered and non-layered 2D materials, including h-BN, TMDs, and MXenes, have been synthesized recently for applications related to the 4th industrial revolution. In this review, recent progress in state-of-the-art research on 2D materials, including their synthesis routes, characterization and application-oriented properties, has been highlighted. The evolving applications of 2D materials in the areas of electronics, optoelectronics, spintronic devices, sensors, high-performance and transparent electrodes, energy conversion and storage, electromagnetic interference shielding, hydrogen evolution reaction (HER), oxygen evolution reaction (OER), and nanocomposites are discussed. In particular, the state-of-the-art applications, challenges, and outlook of every class of 2D material are also presented as concluding remarks to guide this fast-progressing class of 2D materials beyond graphene for scientific research into next-generation materials.