Due to static magnetic field, the conductivity of graphene becomes an anisotropic tensor, which complicates most modeling methodologies. A practical approach to the Wave Concept Iterative Process method (WCIP) modeling of magnetized graphene sheets as an anisotropic conductive surface from the microwave to terahertz frequencies is proposed. We first introduce a brief description of modeling magnetized graphene as an infinitesimally thin conductive sheet. Then, we present a novel manner for the implementation of the anisotropic boundary conditions using the wave concept in the WCIP method. This proposed method is benchmarked with numerical examples to demonstrate its applicability and accuracy. The proposed approach is used to compare the anisotropic model, isotropic model, and the metal for a strip waveguide. We show that the anisotropic model gives more efficient results.