Ethylene vinyl acetate (EVA) foam is widely used as midsole material in athletic footwear due to its lightweight and cushioning properties. However, EVA foam suffers from low mechanical strength, abrasion resistance, and fatigue resistance. Reinforcing EVA foam with graphene nanoplatelets is a promising approach to improving its mechanical performance for footwear applications. This study investigated the effect of 0.1–1 wt% graphene nanoplatelets on the properties of EVA foam composites relevant to midsole performance. The results showed that 0.1–0.2 wt% graphene provided optimal reinforcement, exhibiting 33–40% higher impact energy absorption, 50–60% lower compressive stiffness, 30% higher flexural stiffness, and up to 40% lower abrasion volume loss. Under simulated use conditions, the composites demonstrated higher energy return and fatigue resistance. The graphene nanoplatelets acted as effective reinforcements within the EVA foam by improving stress transfer, inhibiting crack propagation, and shielding the foam surface. The findings indicate that reinforcing EVA foam with small amounts of graphene nanoplatelets can develop midsole materials with enhanced mechanical performance for athletic footwear.