Graphene waste has had enormous growth due to many industrial applications. Agriculture exploits waste through the circular economy, and graphene waste is thereby investigated in this study as a soil conditioner for improving the physical–hydraulic properties of soil. Experiments were performed on three differently textured soils amended with traditional soil conditioners (compost, biochar, and zeolites) and graphene. The conditioners were applied at two different doses of 10% and 5% dry weight (d.w.) for compost, biochar, and zeolites, and 1.0% and 0.5% d.w. for graphene. We compared (i) the major porosity classes related to water-retention characteristics (drainage, storage, and residual porosity), (ii) bulk density, and (iii) van Genuchten water-retention curve (WRC) characteristics. Graphene application caused the largest decrease in dry bulk density (ρb), lowering the soil bulk density by about 25%. In fact, graphene had ρb of 0.01 g/cm3. The effects of graphene were more intense in the finer soil. Compost and biochar showed similar effects, but of lower magnitude compared to those of graphene, with ρb of 0.7 and 0.28 g/cm3, respectively. Although zeolites had ρb of 0.62 g/cm3, they showed quite different behavior in increasing the mixtures’ ρb. Graphene and biochar showed the most pronounced effects in the clayey soil, where storage porosity showed a reduction of >30% compared to the control. For storage porosity, the graphene treatments did not show statistically significant differences compared to the control. The results show that, when the conditioner increased drainage porosity, there was a high probability of a concomitant reduction in storage porosity. This finding indicates that graphene use for improving soil aeration and drainage conditions is viable, especially in fine soils.