Graphene solution is an aqueous, homogeneous, black liquid with a graphene concentration . Graphene solution is prepared by bath sonication of natural graphite flakes in ethanol/water mixtures. Due to its hydrophobic nature, the preparation of a stable and highly concentrated graphene solution without surfactants or dispersants is a challenging task. Graphene was dispersed in aqueous solutions using different surfactants. Graphene solution is coated onto insulating substrates to form conductive films. Graphene solution has outperformed commercial nanographite at much lower loadings. Preparation of homogeneously dispersed graphene has significant impact on its applications. One of its strengths is that graphene solution can be easily dissolved into water or other organic solvents. In addition, it is possible to use various organic chemical reactions by introducing desired functional group properties of oxygen to use in polymer composites, chemical/bio-sensors, catalysts and applications in various areas.