Reasoning is the fundamental capability which requires knowledge. Various graph models have proven to be very valuable in knowledge representation and reasoning. Recently, explosive data generation and accumulation capabilities have paved way for Big Data and Data Intensive Systems. Knowledge Representation and Reasoning with large and growing data is extremely challenging but crucial for businesses to predict trends and support decision making. Any contemporary, reasonably complex knowledge based system will have to consider this onslaught of data, to use appropriate and sufficient reasoning for semantic processing of information by machines. This paper surveys graph based knowledge representation and reasoning, various graph models such as Conceptual Graphs, Concept Graphs, Semantic Networks, Inference Graphs and Causal Bayesian Networks used for representation and reasoning, common and recent research uses of these graph models, typically in Big Data environment, and the near future needs and challenges for graph based KRR in computing systems. Observations are presented in a table, highlighting suitability of the surveyed graph models for contemporary scenarios.