We study the magnetic properties of nanometer-sized graphene structures with triangular and hexagonal shapes terminated by zigzag edges. We discuss how the shape of the island, the imbalance in the number of atoms belonging to the two graphene sublattices, the existence of zero-energy states, and the total and local magnetic moment are intimately related. We consider electronic interactions both in a mean-field approximation of the one-orbital Hubbard model and with density functional calculations. Both descriptions yield values for the ground state total spin S consistent with Lieb's theorem for bipartite lattices. Triangles have a finite S for all sizes whereas hexagons have S 0 and develop local moments above a critical size of 1:5 nm. DOI: 10.1103/PhysRevLett.99.177204 PACS numbers: 75.75.+a, 73.20.ÿr, 75.50.Xx, 75.70.Cn The study of graphene-based field effect devices has opened a new research venue in nanoelectronics [1][2][3][4][5]. Graphene is a truly two-dimensional zero-gap semiconductor with peculiar transport and magnetotransport propreties, including the room temperatrue quantum Hall effect [6], that makes it very different from conventional semiconductors and metals [7]. Progress in the fabrication of graphene-based lower dimensional structures has been reported both in the form of one-dimensional ribbons [8,9] and zero-dimensional dots [2,7,10]. Interestingly, the electronic properties of graphene change in a nontrivial manner when going to lower dimensions. Ribbons, for instance, can be either semiconducting with a size dependent gap or metallic [8,9].The electronic structure of graphene-based nanostructures is expected to be different from bulk graphene because of surface, or, more properly, edge effects [11]. This is particularly true in the case of structures with zizzag edges which present magnetic properties [12 -14]. Whereas bulk graphene is a diamagnetic semimetal, simple tight-binding models predict that one-dimensional ribbons with zigzag edges have two flat bands at the Fermi energy [11,12,[15][16][17], i.e., are paramagnetic metals. Spin polarized density functional theory (DFT) [13] and mean-field [12] calculations confirm that these bands are prone to magnetic instabilities.The fabrication of graphene nanostructures using topbottom techniques does not permit creating atomically defined edges to date [10]. In contrast, bottom-up processing of graphene nanoislands is very promising [18]. Hexagonal shape nanoislands with well-defined zigzag edges atop the 0001 surface of Ru have already been achieved [19]. This experimental progress motivates our study of the electronic structure of graphene nanostructures with various shapes. Graphene quantum dots also hold the promise of extremely long spin relaxation and decoherence time because of the very small spin-orbit and hyperfine coupling in carbon [20].We have found that, remarkably, both the DFT calculations and the mean-field approximation of the single-band Hubbard model with first-neighbors hopping yield very similar results in all c...