The use of a nanostructured graphene-zirconia composite will allow the development of new materials with improved performance properties and a high functionality. This work covers a stepwise study related to the creation of a nanostructured composite based on ZrO2 and graphene. A composite was prepared using two suspensions: nano-zirconia obtained by sol-gel synthesis and oxygen-free graphene obtained sonochemically. The morphology of oxygen-free graphene sheets, phase composition and the morphology of a zirconia powder, and the morphology of the synthesized composite were studied. The effect of the graphene sheets on the rheological and sintering properties of a nanostructured zirconia-based composite powder has been studied. It has been found that graphene sheets in a hybrid nanostructure make it difficult to press at the elastic deformation stage, and the composite passes into the plastic region at a lower pressure than a single nano-zirconia. A sintering mechanism was proposed for a composite with a graphene content of 0.635 wt%, in which graphene is an important factor affecting the process mechanism. It has been determined that the activation energy of the composite sintering is more than two times higher than for a single nano-zirconia. Apparently, due to the van der Waals interaction, the graphene sheets partially stabilize the zirconia and prevent the disordering of the surface monolayers of its nanocrystals and premelting prior to the sintering. This leads to an increase in the activation energy of the composite sintering, and its sintering occurs, according to a mixed mechanism, in which the grain boundary diffusion predominates, in contrast to the single nano-zirconia sintering, which occurs through a viscous flow.