Thermal camouflage is a highly sought-after technology to increase the survivability of military equipment against infrared (IR) detectors. Recently, two-dimensional (2D) nanomaterials have shown low IR emissivity, widely tunable opto-electronic properties and compatibility with stealth-applications. Among them, graphene and graphene-like materials are the most attractive 2D materials used for thermal camouflage applications. In particular, in multilayer graphene (MLG) charge density can be effectively tuned through sufficiently intense electric fields or through electrolytic gating. Therefore, MLG optical properties, like infrared emissivity and absorbance, can be controlled in a wide range by voltage bias. The large emissivity modulation achievable with this material makes it suitable in the design of thermal dynamic camouflage devices. Generally, the emissivity modulation in the multilayered graphene medium is governed by an intercalation process of non-volatile ionic liquids under a voltage bias. The electrically-driven reduction of emissivity leads to a decrease in the apparent temperature of the surface, which can match that of the background enabling thermal camouflaging. Since this property is common to other graphene-based materials, here we present a review specifically focused on the recent advances in the field of the thermal camouflage properties of graphene in the form of composite film and aerogel structures. A summary of the current understanding of the working principle of thermal camouflage materials, current limitations, and future opportunities is presented and discussed.