The development of silver nanowire electrodes is always limited due to some disadvantages, such as roughness, oxidative properties, and other disadvantages. In this research, a capillary-welded silver nanowire/graphene composite film was used as an electrode for organic light-emitting diode (OLED) devices. As an encapsulation layer, graphene reduced the surface roughness and the oxidation probability of silver nanowires. The composite electrode showed an excellent transmittance of 91.5% with low sheet resistant of 26.4 ohm/sq. The devices with the silver nanowire/graphene composite electrode emitted green electroluminescence at 516 nm, and the turn-on voltage was about 3.8 V. The maximum brightness was 50810 cd/cm2, which is higher than the indium tin oxide-based (ITO-based) devices with the same configuration. Finally, it was proved that the silver nanowire/graphene composite electrodes possessed better heat dissipation than the ITO-based ones under energization. In summary, it means that this novel silver nanowires/graphene electrode has great potential in OLED device applications.