Recently, studies on graphene-based lubrication additives have been widely researched, but few refer to their preparation by thermal reduction which shows potential in not only significantly lowering the mass-production cost, but also the simple, nonchemical process. In this study, mild thermal reduction of graphene oxide (MRGO) has been achieved by high temperature (700 °C) treatment and the product used as a lubrication additive. It shows a relatively ordered lamellar structure and a certain level of oxygen by transmission electron microscopy (TEM) and X-ray photoelectron spectroscopy (XPS) analysis, and exhibits excellent tribological properties as a lubrication additive. The friction coefficient can be reduced by as much as 30% and the rubbing surfaces display few scratches at a lower additive concentration (0.5 wt%) compared with that of base oil (Poly Alpha Olefins Type 6: PAO 6) without MRGO additive under the same friction conditions. Based on the advantages of green, low-cost and simple synthesis operation, the MRGO offers significant potential application as a lubrication additive.