Abstract: Potassium ion batteries (KIBs) and potassium-based dual ion batteries (KDIBs) are newly-emerging energy storage devices that have attracted considerable attention owing to the low-cost of potassium resources and their comparable performance to lithium-ion batteries (LIBs). Graphite materials, as the successful commercialized anode materials of LIBs, can also be used as anodic and cathodic host materials for the intercalation of the large potassium cations and other anions, respectively. However, there are still some challenges hindering the practical application of graphite materials in the anode for KIBs and the cathode for KDIBs. The huge volume changes after intercalation (61% for K and 130% for anions) result in graphite interlayer slipping and structural collapse, causing capacity fade and a short cycle life. Moreover, the intercalation of large K⁺ and anions have poor kinetics due to the small graphite interlayer spacing, restricting the rate capability. To solve these issues of the use of graphite materials, this review attempts to provide a better understanding of the intercalation mechanisms for K⁺ and anions, and to correlate the electrochemical performance of KIBs and KDIBs to the microstructure of graphite, and the physicochemical properties of electrolytes and binders. Finally, research prospects are provided to guide the future development of graphite materials for potassium-based energy storage.