The multifunctionality feature of graphene field-effect transistors (GFETs) is exploited here to design circuit building blocks of high-data-rate modulators by using a physics-based compact model. Educated device performance projections are obtained with the experimentally calibrated model and used to choose an appropriate improved feasible GFET for these applications. Phase-shift and frequency-shift keying (PSK and FSK) modulation schemes are obtained with 0.6 GHz GFET-based multifunctional circuits used alternatively in different operation modes: inverting and in-phase amplification and frequency multiplication. An adequate baseband signal applied to the transistors’ input also serves to enhance the device and circuit performance reproducibility since the impact of traps is diminished. Quadrature PSK is also achieved by combining two GFET-based multifunctional circuits. This device circuit co-design proposal intends to boost the heterogeneous implementation of graphene devices with incumbent technologies into a single chip: the baseband pulses can be generated with CMOS technology as a front end of line and the multifunctional GFET-based circuits as a back end of line.