As a strategic non-metallic mineral resource, the unique structure of natural graphite makes it have excellent electrical conductivity (resistivity 8×10-6~13×10-6Ω·m), strong plasticity, low friction coefficient (0.08~0.16), high temperature resistance, stable chemical properties, good natural floatability and other properties, and thus it is a key raw material necessary for many industries. At the same time, natural graphite has a wide range of uses, high added value of deep-processed products and long industrial chain. In addition to being widely used in refractory, sealing, casting, conductive materials and other traditional industrial fields, natural graphite also has great application prospects in emerging fields such as new energy, new generation electronic information technology, new energy vehicles and high-end equipment manufacturing, which makes it well-known as “industrial black gold”. China is rich in graphite resources, but has not yet become a strong country in graphite resources. Based on the current status of graphite mineral resources, the international trade data and the structure of graphite consumption market, this article analyzed the comprehensive utilization of China's natural graphite. On this basis, the separation technology, purification method, preparation of deep-processed products and the application in the emerging strategic industry were discussed. The comprehensive utilization of graphite resources was systematically introduced, which mainly involved three important types of graphite deep processing products, such as graphite interlaminar compound, spherical graphite and graphene. Finally, the future direction of strengthening the development and utilization of graphite resources was proposed according to the trend of the graphite industry.