Natural graphite is a new-technology mineral resource led by new mineral preparation and application technologies and an important raw material that supports the development of China’s strategic emerging industries. This paper analyzes the demand for high-quality development of graphite resources and the graphite material industry, summarizes the development status, unveiled development potentials and major challenges, and puts forward goals for next stage development. Furthermore, this paper proposes the following measures: (1) establishing a technology innovation system that focuses on the deep processing of graphite; (2) optimizing the allocation of resources and boosting the development of green graphite plants and mines; (3) strengthening the capacities of platforms to consolidate the technological innovation foundation for industrial and supply chains; and (4) focusing on breakthroughs in the xclusive application of graphene’s uniqu physical properties and avoiding excessive marketing. Additionally, it is necessary to set up a sophisticate database that covers the entire industrial and supply chains of graphite, establish a long-term policy mechanism that supports the high-quality development of China’s graphite industry, accelerate resource integration to construct an international graphite valley, and improve innovation platforms to enhance talent trainning.