The work aims to explore and compare the two commonly used methods to prepare graphene, namely the methods of oxidation-reduction and liquid-phase exfoliation. The liquid-phase exfoliation method was used for the ultrasonic exfoliation of the expanded graphene to prepare single-layer and multi-layer graphenes in N-methyl-2-pyrrolidone and to compare the microstructure and structural characterization of the graphenes prepared in the method of oxidation-reduction. Based on that, the concentration and stability of grapheme dispersion liquid prepared with different organic solvents in the method of liquid-phase exfoliation were compared. The graphene prepared in the method of liquid-phase exfoliation had better lamellar structure and the molecular structure contained less miscellaneous groups and oxygen-containing groups. The lamellar spacing of graphenes was quite wide and the thermal stability was better. The mass concentration of graphene prepared in N-methyl-2-pyrrolidone by means of liquid-phase exfoliation could reach up to 0.15 mg/mL and the stability was relatively good. In a series of applications of such method, it was easier to prepare electro-conductive films and composites. Compared to the method of oxidation-reduction, the graphene prepared in the method of liquid-phase exfoliation has better performances.