Wet and dry milling of graphite represents a versatile one‐step process for fabricating functionalized graphene. Dry milling of graphite in a ball mill under argon and carbon dioxide enables efficient exfoliation of graphite combined with edge‐selective functionalization of the resulting graphene. With respect to its facile scale‐up and potential industrial applications, this process is far superior to the conventional routes towards functionalized graphene. Although the aspect ratio is much lower with respect to thermally reduced graphite oxide (TRGO), the addition of edge‐functionalized graphene to styrene‐butadiene rubber (SBR) enables the simultaneous improvement of tensile strength and elongation of break. Furthermore, this study evaluates morphology, thermal properties, formation of percolation networks, and swelling behavior, compared to TRGO filled SBR.