This card works well in situations where a monster cannot be Tributed (like after using "Mind Control"). Otherwise, "Mystic Wok" is a better suited card (since it also recovers Life Points).
Use this card with Effect Monsters whose effect require it to be sent from the field to the Graveyard in order to activate.
Activate this card during the Battle Phase after you attacked with "Overmind Archfiend" to Special Summon as many Psychic monsters removed by "Overmind Archfiend" and attack again.
Activate this card during the Battle Phase after you attacked with "Shooting Quasar Dragon" to Special Summon "Shooting Star Dragon" for a possible OTK (If you didn't get an OTK from "Shooting Quasar Dragon" already such as a monster on your opponents side of the field).
You can send a "Felgrand Dragon" you control to the Graveyard with this card to be able to use its' effect.
This card can also be used with low ATK monster that has an effect that activates on summoning, you can use this card to remove the monster from the field so your opponent cannot attack it (this should only be done if you have something stronger to protect your Life Points).
You can use this card in a chain if your opponent would banish a monster, with a card like "Dimensional Prison", from your field that would be better suited for the Graveyard.