The aggregation of graphene oxide (GO) during the hydration process limits its wide application. Polymer superplasticizers have been used to improve the dispersion state of GO due to their adsorption and site-blocking effects, though the formation of a large amount of foam during the mixing process weakens the mechanical properties of cement. A highly dispersed amphoteric polycarboxylate superplasticizer-stabilized graphene oxide (APC/GO) toughening agent was prepared by electrostatic self-assembly. Results demonstrate that the APC/GO composite dispersed well in a cement pore solution due to the steric effect offered by the APC. Additionally, the well-dispersed GO acted as an antifoaming agent in the cement since GO nanosheets can be absorbed at the air–liquid interface of APC foam via electrostatic interactions and eliminate the air-entraining effect. The well-dispersed APC/GO sheets promoted cement hydration and further refined its pore structure owing to the nucleation effect. The flexural and compressive strength of the cement containing the APC/GO composite were enhanced by 21.51% and 18.58%, respectively, after a 7-day hydration process compared with a blank sample. The improved hydration degree, highly polymerized C-S-H gel, and refined pore structure provided enhanced mechanical properties.