Vulcanized rubber products have been applied in various fields for more than 100 years, due to their high elasticity, good biological compatibility, chemical resistance, long-time use stability, etc. Additives like reinforcing fill er, lubricant, coupling agent, and accelerating agent, are necessary to be mixed with the raw rubber to give the rubber certain properties. Specifically, the rein-forcing filler plays the role of enhancing the mechanical strength, abrasive and thermal resistance, as well as prolonging the service life of the rubber. Compared with the traditional reinforcing fillers like carbon black and fumed silica, the graphene, a newly emerging nanomaterial, can reinforce the rubber properties with very small incorporation amount, due to its superior properties. However, the strong van der Vaals force amongst graphene sheets seriously inhibits its dispersion in the rubber. Meanwhile, the dispersion state of the graphene in silicone rubber matrix directly influences the reinforcing effect of the graphene. In recent years, many researchers focus on the functionalization method of the graphene, physically or chemically, to enhance the dispersion of the graphene in rubber matrix, and the interfacial interactions between graphene and rubber. The recent advances in the wet functionalization approaches conducted to the graphene and the applications of the functional graphene in fabricating rubber composites are discussed.