A few more remarks, On the bright side: To determine if a given graph is the graph of a d-polytope is decidable. Tarski's algorithm for real closed fields can be used.
In dimension 3 as Sam Nead mentioned graphs of 3-polytopes are precisely 3 connected planar graphs. The algorithm by Hopcroft and Tarjan and various subsequent algorithms give a linear-time algorithm for planarity.
Regarding the second question, it is possible that the same graph can be realized as the graph of d-polytopes of various dimensions. David already mentioned K_n which is the graph of a d-polytope for every d between 4 and n-1. Another example is the graph of a d-cube which was proved by Joswig and Ziegler Joswig and Ziegler(Neighborly cubical polytopes) to be a graph of e-polytopes for e between 4 and d.
Another fact is that there are not so many graphs of polytopes. There are only exponentially many different graphs of simple d-polytopes with n vertices. See the paper this paper of Benedetti and ZieglerOn locally constructible spheres and balls of Benedetti and Ziegler (published in Acta in 2011). It is not known if this result extends to graphs of general d-polytopes, or to all subgraphs of graphs of simple d-polytopes, or to dual graphs of all triangulations of (d-1)-spheres. The later question is discussed by Gromov in the paper spaces and questionsSpaces and questions (p. 33).