Electrically and thermally conductive elastomers are highly desired in industries, since they can prevent static electricity accumulation and reduce internal heat build-up. Previous methodologies using carbon black, metal nanoparticles and carbon nanotubes are either ineffective or expensive. By contrast, we in this study developed electrically and thermally conductive, high-mechanical performance elastomers, by adopting cost-effective, high-structural integrity graphene platelets (GnPs) of 3.55 ± 0.32 nm in thickness and employing an industrial compatible method. A percolation threshold of electrical conductivity was observed at 16.5 vol% GnPs, and the elastomer thermal conductivity improved 240% at 41.6 vol%. At 24 vol%, tensile strength, Young's modulus, and tear strength improved 230%, 506% and 445%, respectively. By comparing the reinforcement effect of GnPs with those of carbon black, multi-walled carbon nanotubes and silicate layers, we found that GnPs are a promising candidate for developing cost-effective, functional, high-mechanical performance elastomers.