In this paper, a novel ZnO-based graphite-insulator-semiconductor (GIS) diode was fabricated on graphite substrate by radio frequency (rf) magnetron sputtering. A SiO2 thin film was used as the insulator layer grown by electron beam evaporation technique. The measurement of current-voltage of the ZnO-based GIS diode showed a Schottky rectifying diode characteristic with a threshold voltage of 5.2 V and a poor leakage current of ~10-3 A under a reverse bias condition. An interesting negative capacitance phenomenon was also observed from the GIS diode. The successful fabrication of ZnO-based GIS diode on graphite substrate offers the significant opportunity to be readily transferred onto any rigid or flexible foreign substrates, since the graphite substrate consists of weakly bonded layer structure.