Laser-induced graphene (LIG) is a newly emerging 3D porous material produced when irradiating a laser beam on certain carbon materials. LIG exhibits high porosity, excellent electrical conductivity, and good mechanical flexibility. Predesigned LIG patterns can be directly fabricated on diverse carbon materials with controllable microstructure, surface property, electrical conductivity, chemical composition, and heteroatom doping. This selective, low-cost, chemical-free, and maskless patterning technology minimizes the usage of raw materials, diminishes the environmental impact, and enables a wide range of applications ranging from academia to industry. In this review, the recent developments in 3D porous LIG are comprehensively summarized. The mechanism of LIG formation is first introduced with a focus on laser-material interactions and material transformations during laser irradiation. The effects of laser types, fabrication parameters, and lasing environment on LIG structures and properties are thoroughly discussed. The potentials of LIG for advanced applications including biosensors, physical sensors, supercapacitors, batteries, triboelectric nanogenerators, and so on are also highlighted. Finally, current challenges and future prospects of LIG research are discussed.