A versatile and scalable mixed-solvent strategy, by which two mediocre solvents could be combined into good solvents for exfoliating graphite, is demonstrated for facile and green preparation of graphene by liquid-phase exfoliation of graphite. Mild sonication of crystal graphite powder in a mixture of water and alcohol could yield graphene nanosheets, which formed a highly stable suspension in the mixed solvents. The graphene yield was estimated as ~1002wt%. The optimum mass fraction of ethanol in water–ethanol mixtures and isopropanol in water–isopropanol mixtures was experimentally determined as ~40 and ~5502% respectively, which could be roughly predicted by the theory of Hansen solubility parameters. Statistics based on atomic force microscopic analysis show that up to ~8602% of the prepared nanosheets were less than 10-layer thick with a monolayer fraction of ~802%. High resolution transmission electron microscopy, infrared spectroscopy, X-ray diffraction, and Raman spectrum analysis of the vacuum-filtered films suggest the graphene sheets to be largely free of defects and oxides. The proposed mixed-solvent strategy here extends the scope for liquid-phase processing graphene and gives researchers great freedom in designing ideal solvent systems for specific applications.