Graphene-thermoplastic polyurethane (G-TPU) composite films were fabricated by traditional blending method and tape casting process with commercial graphene sheets as functional fillers and TPU masterbatches of four different melting points as matrix, respectively. The effects of matrix on the distribution of graphene, the electrical conductivity, and infrared (IR) light thermal properties of the G-TPU composite films were investigated. The experimental results reveal that the characteristics of TPU has little influence on the electrical conductivity of the G-TPU composite films, although the four TPU solutions have different viscosities. However, under the same graphene mass content, the thermal conductivity of four G-TPU composite films with different melting points is significantly different. The four kinds of G-TPU composite films have obvious infrared (IR) thermal effect. There is little difference in the temperatures between the composite films prepared by TPU with melting a point of 100 °C, 120 °C, and 140 °C, respectively; however, when the content of graphene is less than 5 wt%, the temperature of the composite film prepared by TPU with a melting point of 163 °C is obviously lower than that of the other three composite films. The possible reason for this phenomenon is related to the structure of TPU.