In this study, natural rubber (NR)/polybutadiene rubber (PB) blend-based composites were prepared using graphene as a partial replacement for carbon black (CB) in different parts per hundred rubber (phr) percentages. In a previous study, the vulcanization characteristics, viscoelastic behavior, and static mechanical properties were reported, and the compound labeled as compound 2 (with 2.5 phr of graphene and 52.5 phr of carbon black) showed optimum properties. Herein, we report the dynamic mechanical properties and the transport properties of the formulations to establish further characterization of the compounds. Three different organic solvents comprising benzene, toluene, and xylene were employed to analyze the sorption characteristics. The obtained data were also modeled with different theoretical predictions. The dynamic mechanical properties showed that certain compounds can be considered to be green tire formulations, as there were appreciable changes in the tanδ values at different temperatures (−25 °C to 60 °C). The thermogravimetric analysis showed that compound 2, with 2.5 phr of graphene, has a higher t50 value among the studied formulations, which indicates higher thermal stability than the base compound. The partial replacement of 2.5 phr of graphene in place of carbon black (total 55 phr) led to appreciable improvements in terms of thermal stability, transport properties, and dynamic mechanical properties.