Dimethyl silicone oil is widely used due to its excellent thermal stability and good wetting properties. In this study, a series of thermal conductive materials was prepared by physically blending and chemically loading graphene as a thermal conductive filler into dimethyl silicone oil, and their thermal conductivity and tribological properties were investigated. The thermal conductivity of the composites was tested by a thermal conductivity meter and a thermal imaging camera, while the tribological properties of the composites were evaluated using a CSM friction and wear tester. The results showed that both thermal conductivity and tribological properties were improved to a certain extent. The particle size and amount of graphene had a significant influence on the thermal conductivity. For graphene with a single particle size, the thermal conductivity increased with increasing graphene content. The friction coefficient under dry friction conditions was significantly reduced by adding graphene to the silicone oil, as revealed by the friction and wear test.