In this paper, we review the recent extraordinary progress in the development of a new quantum standard for resistance based on graphene. We discuss the unique properties of this material system relating to resistance metrology and discuss results of the recent highest-ever precision direct comparison of the Hall resistance between graphene and traditional GaAs. We mainly focus our review on graphene expitaxially grown on SiC, a system which so far resulted in the best results. We also briefly discuss progress in the two other graphene material systems, exfoliated graphene and chemical vapour deposition graphene, and make a critical comparison with SiC graphene. Finally, we discuss other possible applications of graphene in metrology.