The invention discloses a preparation method of a graphene modified tungsten carbide self-lubrication antiwear additive, which comprises the following steps of: 1) weighing a certain amount of graphene and a tungstenic precursor compound, 2) performing wetting modification on the weighed graphene by a little absolute ethyl alcohol, dispersing in a certain amount of deionized water and performing ultrasonic dispersion, 3) dissolving the weighed tungstenic precursor compound in a graphene aqueous solution prepared in step 2) to form compound powder, and putting the compound powder in an oven to form dry mixed powder, and 4) putting the dry powder in an aluminum oxide crucible, performing vacuumizing, naturally cooling to room temperature in an atmosphere of H2, and obtaining the graphene modified tungsten carbide self-lubrication antiwear additive. The additive retains a layered single-layer carbon structure property of the graphene; growing nano carbide particles increase specific gravity of the graphene; and the self-lubrication antiwear additive is expected to be applied to thermal spraying of tungsten carbide spray powder, reduces a wear rate and exerts wear reduction and resistance effects.