A lubricant composition having improved lubricant properties, comprising: (a) a lubricating fluid; and (b) nano graphene platelets (NGPs) dispersed in the fluid, wherein nano graphene platelets have a proportion of 0.001% to 60% by weight based on the total weight of the fluid and the graphene platelets combined. Preferably, the composition comprises at least a single-layer graphene sheet. Preferably, the lubricating fluid contains a petroleum oil or synthetic oil and a dispersant or surfactant. With the addition of a thickener or a desired amount of NGPs, the lubricant becomes a grease composition. Compared with graphite nano particle- or carbon nanotube-modified lubricants, NGP-modified lubricants have much better thermal conductivity, friction-reducing capability, anti-wear performance, and viscosity stability.